Os Ungidos Dos Ultimos Dias

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(SBOEF %FVT $SJBEPS EPT DVT F EB UFSSB 2VFN UFN
EJWJOBNFOUF EFUFSNJOBEP FTUB IPSB B OT FTUB NBOI EF
BEPSBPB5J&RVFQPTTBNPT 4FOIPS FNOPTTPTDPSBFTOPT
SFOEFS DPNQMFUBNFOUF 5VB EJWJOB WPOUBEF F PQFSBP EP
&TQSJUP 4BOUP FN OT QBSB USB[FSNPT BRVJMP RVF 5V EFTFKBT
RVF TBJCBNPT /PTTP EFTFKP EF TFSNPT NFMIPSFT DSJTUPT F
NFMIPSFT SFQSFTFOUBOUFT EF 5J 2VFJSBT 5V DPODFEFSOPT JTUP
FTUB NBOI QPSRVBOUP FTQFSBNPT FN 5J OP /PNF EF +FTVT
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SFDPSUFTEFSPVQBQBSBPSBP s@&E>4JN
c /T FTUBNPT NVJUP GFMJ[FT QPS FTUBSNPT BRVJ FTUB NBOI
OPWBNFOUF OP@OP TFSWJP EP HSBOEF 3FJ & MBNFOUBNPT OT
OPWBNFOUF QPS OP UFSNPT MVHBS QBSB BT QFTTPBT QPSN OT
UFNPTBQFOBT?5FOUBSFNPTGB[FSPNFMIPSRVFQVEFSNPT TPC
BTDJSDVOTUODJBT
d "HPSB NVJUPTUNMFOPTFQFEJEPTDPMPDBEPTBRVJFNDJNB
QBSBSFDFCFSFNPSBP&FVPTFTUPVTJNQMFTNFOUFDPMPDBOEP
EF MBEP OP RVF FV PT FTUFKB JHOPSBOEP NBT FV PSP QPS FMFT
EFQPJTRVFFVQSJODJQBMNFOUF?EPNFTNPNPEP FFTUBOPJUF
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RVBOEP?&OUPFVPSBSFJFFTQFSBSFJOP&TQSJUPEF%FVTQFMB
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NJOIBNPFUFOIPRVFQFHBSVN EJHPr4FOIPS FTFSFTUF F
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RVF QFSNBOFDF OP NFV DPSBP FV WPMUP RVFMF OPWBNFOUF F
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BRVFMFTRVFFTUPGPSB FNPVUSBTQBSUFTEPQBT/TRVFSFNPT
TBVEBS P QFTTPBM FTUB NBOI QPS NFJP EFTUB DPOFYP
UFMFGOJDB DPN B $JEBEF EF /PWB :PSL #FBVNPOU 5FYBT
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g &TUB NBOI FN *OEJBOB FTU VNB NBOI BHSBEWFM /T
UJWFNPT VNB DIVWB POUFN OPJUF RVF FTGSJPV P UFNQP & OT
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FTQFSBOEP DPN HSBOEF FYQFDUBUJWB B MJP EB FTDPMB
EPNJOJDBM & FV DPOGJP RVF BT COPT NBJT SJDBT EF %FVT
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h & FTQFSBNPT P NBJT CSFWF QPTTWFM BSSBOKBS VN KFJUP EF
QPEFSNPT UFS POEF QPTTBNPT OPT SFVOJS UPEPT KVOUPT UBMWF[
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EFGJOJUJWBNFOUF DPOEV[JEP B QSFHBS TPCSF FTUBT 4FUF MUJNBT
5BBTOB#CMJB
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HSBOEF MJP FTUB NBOI?&V UFOIP CVTDBEP BP 4FOIPS
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P MUJNP DVMUP RVF UFSFNPT " 7JOEB EP 4FOIPS FTU UP
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j &V WFKP EFQPJT EBRVFMB QSFEJP GFJUB OB $BMJGSOJB I
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EFTBCBOEP & FMFT OP TBCFN P RVF FTU DBVTBOEP JTTP /T
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HSBOEFT NBODIFUFT OP KPSOBM GPUPT BT RVBJT FV FTQFSP USB[FS
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7FOIBNIPKFUBSEFTDJODP TFJTIPSBT PVRVBOEPRVFSRVF
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QPTTBN JS FNCPSB DFEP F SFDFCBN TFVT DBSUFT EF PSBP &
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QBSB OPT JOGPSNBS 7FN BMHP RVF OT?4F OP FTUBNPT
JOGPSNBEPT FRVBMRVFSDPJTBBDPOUFDFBQFOBTDBTVBMNFOUF OT
EFWFNPTTBCFSBSFTQFJUPEJTUP0&TQSJUP4BOUPUFNOPTEBEP
JTTP QBSBBEWFSUJSBTQFTTPBTEBTDPJTBTWJOEPVSBT7PDTBCF B
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QSJNFJSP &MF SFWFMF BPT 4FVT TFSWPT PT QSPGFUBTs &@F DPNP
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BEWFSUJBNPQPWP EPRVFBDPOUFDFSJB&TFGB[OFDFTTSJPQBSB
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RVF FSB OT FTUBNPT WJWFOEP F P RVF FTU BDPOUFDFOEP P RVF
04 6/(*%04 %04 -5*.04 %*"4
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QBSB@QBSBGBMBSBPQPWPTPCSFJTUPFTUBNBOI
bc "HPSBWBNPTBCSJSOPTTBT#CMJBTFN.BUFVTDBQUVMPF
MFSNPT VNB QPSP EF 1BMBWSB <0 *SNP #SBOIBN MJNQB TVB
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DPOTFHVJSNPTVNDPOUFYUPQBSBPOPTTPUFYUPFUFNB
bd "HPSB MFNCSFNRVFOTWBNPTFOTJOBSJTUPDPNPVNBBVMB
CCMJDB EFWBHBS 1FHVFN TFVT MQJT F QBQFM &V UFOIP NVJUBT
&TDSJUVSBTBOPUBEBTBRVJ RVF@RVFWPDTUBMWF[QPTTBNBOPU
MBT&OUPWPQBSBDBTBFFTUVEFNOBT QPJTJTUPFYBUBNFOUF
DPNPVNBBVMBEFFTDPMBEPNJOJDBM QBSBRVFQPTTBNPTTBCFS
FFTUBSBEWFSUJEPTFQSFQBSBEPTQBSBBTIPSBTFNRVFFTUBNPT
WJWFOEP
be /P -JWSP EF 4P .BUFVT <0 *SNP #SBOIBN MJNQB TVB
HBSHBOUB@&E> 1FSEPFNNF 7FSTDVMP ?0V DBQUVMP
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& RVBOEP QPJT WJSEFT RVF B BCPNJOBP EB
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MVHBSTBOUPRVFNMFOUFOEB
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NPOUFT
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TFVTWFTUJEPT
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OBRVFMFTEJBT
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OFNOPTCBEP
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IPVWFEFTEFPQSJODQJPEPNVOEPBUBHPSB OFNUP
QPVDPIEFIBWFS
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DBSOF TF TBMWBSJB NBT QPS DBVTB EPT FTDPMIJEPT TFSP
BCSFWJBEPTBRVFMFTEJBT
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BRVJ PVBMJ OPMIFEFJTDSEJUP
1PSRVF TVSHJSP GBMTPT DSJTUPT F GBMTPT QSPGFUBT F
GBSP UP HSBOEFT TJOBJT F QSPEHJPT RVF TF QPTTWFM
GPSB FOHBOBSJBNBUPTFTDPMIJEPT
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1PSUBOUP TFWPTEJTTFSFN&JTRVFFMFFTUOPEFTFSUP
OP TBJBJT FJT RVF FMF FTU OP JOUFSJPS EB DBTB OP
BDSFEJUFJT
1PSRVF BTTJN DPNP P SFMNQBHP TBJ EP PSJFOUF F TF
NPTUSBBUBPPDJEFOUF BTTJNTFSUBNCNBWJOEBEP
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1PJT POEF FTUJWFS P DBEWFS B TF BKVOUBSP?BT
HVJBT
bf "HPSB QBSB UFNB FV HPTUBSJB EF UPNBS P WFSTDVMP
FOGBUJ[BSFTUFWFSTDVMPQBSBBOPTTBMJPEFFTDPMBEPNJOJDBM
FTUB NBOI & PVBN DPN BUFOP FORVBOUP FV SFMFJP JTUP
OPWBNFOUF
1PSRVF TVSHJSP GBMTPT DSJTUPT F GBMTPT QSPGFUBT F
GBSP UP HSBOEFT TJOBJT F QSPEHJPT RVF TF QPTTWFM
GPSB FOHBOBSJBNBUPTFTDPMIJEPT
bg "HPSB QBSB UFNB FTUB NBOI PV NFMIPS UFYUP FV RVFSP
UPNBS 0T 6OHJEPT EPT MUJNPT %JBT &TUF P UFNB TPCSF P
RVBMFVEFTFKPGBMBS PVPUFYUP0T6OHJEPTEPTMUJNPT%JBT
bh &V DSFJP RVF FTUBNPT WJWFOEP OP UFNQP EP GJN &V BDIP
RVFBNBJPSQBSUFEBTQFTTPBTRVF?0MFJUPSEB&TDSJUVSB PV
BU NFTNP VN@VN DSFOUF TBCF RVF OT FTUBNPT OP GJOBM EB
IJTUSJB EP NVOEP 1BSB OBEB TFSWJS FTDSFWMB QPSRVF OP
IBWFS OJOHVN QBSB MMB P GJN EP UFNQP &YBUBNFOUF
RVBOEP FV OP TFJ &YBUBNFOUF RVBOUP UFNQP TFS OFN
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WFNPT BHPSB DPNFBTTFN B BDPOUFDFS FOUP EFWFSBNPT
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FMFT B TFHVJSBN DPN SBEBS F TVCJV BUSBWT?SBDIPV QPS
EFCBJYP EF 4P +PT BUSBWFTTPV BU DIFHBS OP JOUFSJPS EP
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BEFOUSP FEFTDFVEFWPMUBB4BO%JFHPBEFOUSP EFVBWPMUBQPS
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ca &TUB TFNBOB NF GPSBN FOWJBEBT NBODIFUFT EF KPSOBM EF
HSBOEFT DBTBT EF DFN NJM EMBSFT USJODBOEP F SBDIBOEP BT
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DPNPJNQFEJMP7 %FVTQPEFGB[FSPRVF&MFRVJTFS FOPI
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cb $POTUSJTFDBTBT QPEFTFGB[FSDPJTBTDJFOUGJDBT F%FVT
PDSJBEPSEBDJODJB$PNPTFWBJJNQFEJ-P &MFQPEFEFTUSVJS
BUFSSBFTUBNBOIDPNQVMHBTTF&MFRVJTFS7PDDPNQSFFOEF
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QBMBWSB F FMBT FTUBSJBN B RVBSFOUB NJMIBT EF QSPGVOEJEBEF
EFOUSPEFNFJBIPSB WFN OPI?FEFWPSBSJBNBTQFTTPBT
JNFEJBUBNFOUF OB UFSSB &MF %FVT &MF BQFOBT GB[ DPOGPSNF
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cc "HPSB WFOEP FTUF BDNVMP UPEP EF FWJEODJB RVF B IPSB
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F EFTDPCSJS B WFSEBEF EFTUBT DPJTBT QPSRVBOUP %FVT UFN TJEP
UP MFBM QBSB DPOPTDP DPN 4VB HSBB BP NPTUSBSOPT FTUBT
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cd &VRVFSPRVFWPDTOPUFNBRVJFN.BUFVT +FTVTVTPVP
UFSNP r$SJTUPT s $SJTUPT r$SJTUPTs /P $SJTUP NBT
r$SJTUPT s QMVSBM OP TJOHVMBS r$SJTUPTs 1PSUBOUP B QBMBWSB
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ce %FPVUSBGPSNB TF&MFRVJTFTTFTJNQMJGJDMPBGJNEFRVF
QVETTFNPT FOUFOEFS NFMIPS &MF EJSJB r/PT MUJNPT EJBT TF
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6OHJEPT rDSJTUPT sQMVSBMrQSPGFUBT sQMVSBM&TFIUBMDPJTB
DPNP VN@VN $SJTUP TJOHVMBS FOUP FTUFT UFSJBN RVF TFS
rVOHJEPT sRVFBTVBQSPGFDJBEPRVFFMFTFTUJWFTTFNFOTJOBOEP
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cg "HPSB VNB MJP EF FTDPMB EPNJOJDBM OT RVFSFNPT@
UFOUBS USB[FS JTUP BP QPOUP EF NPTUSBS PT GBUPT QFMBT
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ci "HPSB BMHVNQPEFSJBEJ[FSQBSBNJNr0TFOIPSDSRVF
FTTB VOP OFTTBT QFTTPBT TJHOJGJDB RVF B VOP EP &TQSJUP
4BOUP s 4JN TFOIPS P HFOVOP &TQSJUP 4BOUP EF %FVT TPCSF
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TJOBJT F NBSBWJMIBT RVF TF QPTTWFM GPSB FOHBOBSJBN PT
QSQSJPT &TDPMIJEPTs & FMFT TP VOHJEPT DPN P &TQSJUP
4BOUPHFOVOP&VTFJRVFJTUPTPBCBTUBOUFJOTFOTBUP NBTOT
WBNPT UPNBS UFNQP F FYQMJDMP QFMB 1BMBWSB RVF JTTP
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cj "HPSB WBNPT BCSJS OPTTBT #CMJBT BQFOBT VN NJOVUP FN
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WPD TFOTGBMIBSNPTFNMFSUPEBTFMBT FOUPWPDQFHVFTVB
#CMJBF@FUBNCNWPDQPEFMMBTEFQPJTRVFTBJSNPTEBRVJ
FWPDGPSQBSBDBTB F@FWPDMFJBPRVFB#CMJBEJ[TPCSFJTUP
da "HPSB QBSB BQSPWFJUBSNPT OPTTP UFNQP QBSB
DPOTFHVJSNPT VN@VN GBUP CTJDP QPSRVF FV FTUPV GB[FOEP
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B DIVWB EFTB TPCSF KVTUPT F JOKVTUPT " DIVWB DBJ
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db "HPSB QBSB EBS TFRODJB B VNB PVUSB QSPGFDJB

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NFOUF B NFTNB DPJTB RVF +FTVT EJTTF 1BVMP GBMBOEP BHPSB
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QBQFM F QSPDVSFN JTUP BHPSB )FCSFVT DBQUVMP 1BVMP
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USB[FOEPMIFT EF EFCBJYP EP KVEBTNP QBSB P DSJTUJBOJTNP
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NPTUSBOEPMIFT DPNP RVF BT DPJTBT BOUJHBT FSBN BQFOBT

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& EF?EPVUSJOB EPT CBUJTNPT F EB JNQPTJP EBT
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1PSRVF JNQPTTWFM RVF PT RVF K VNB WF[ GPSBN
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.BTBRVFQSPEV[FTQJOIPT?BCSPMIPT SFQSPWBEB
FQFSUPFTUEBNBMEJPPTFVGJNTFSRVFJNBEB
dc "HPSB DPNQBSF JTTP DPN .BUFVT OPWBNFOUF /PUFN
+FTVT EJTTF RVF B DIVWB F P TPM DBFN TPCSF B UFSSB RVF %FVT
NBOEBQBSBQSFQBSBSPBMJNFOUPFBTDPJTBTQBSBBTQFTTPBTEB
UFSSB & B DIVWB FOWJBEB QBSB P BMJNFOUP BT FSWBT .BT P
KPJP BT FSWBT EBOJOIBT FTUBOEP OP DBNQP SFDFCFN B NFTNB
DPJTB"NFTNBDIVWBRVFGB[PUSJHPDSFTDFSBNFTNBDIVWB
RVFGB[PKPJPDSFTDFS
dd 2VFMJPUSFNFOEBFVUJWFTPCSFJTTPVNBWF[ RVBOEPFV
NF FODPOUSFJ DPN P QPWP QFOUFDPTUBM QFMB QSJNFJSB WF[ & GPJ
VNB HSBOEF MJP QBSB NJN &V WJ EPJT IPNFOT VN?/VODB
UJOIB PVWJEP GBMBS FN MOHVBT BOUFT 6N GBMBWB FN MOHVBT P
PVUSPJOUFSQSFUBWB WJDFWFSTB&EJ[JBNBWFSEBEF EJ[JBNRVF
r)NVJUPTBRVJRVFEFWFNTFBSSFQFOEFSFTUBOPJUF)UBOUP
IPNFOT DPNP NVMIFSFTs & BT QFTTPBT TF MFWBOUBWBN F JBN
QBSBPBMUBS
" 1"-"73" '"-"%"
&VQFOTFJr2VPHMPSJPTPs
de & FOUP DPN P QFRVFOP EPN EP &TQSJUP 4BOUP FV
DPOWFSTFJDPNBRVFMFTEPJTIPNFOT BQFOBT WPDTTBCFNDPNP
FN EJTDFSOJNFOUP VNB NBOFJSB EF EFTDPCSJS & VN EFMFT FSB
VNDSJTUPHFOVOP FFMFFSBVNWFSEBEFJSPTFSWPEF$SJTUP FP
PVUSP FSB VN IJQDSJUB & VN EFMFT BRVFMF RVF FSB VN
IJQDSJUB FTUBWB WJWFOEP DPN VNB NVMIFS EF DBCFMPT QSFUPT
BOEBOEPDPNVNBMPJSBFUJOIBGJMIPTDPNFMB#FN FTUBWBBMJ
NFTNP OB WJTP OP QPEFSJB TFS OFHBEP & FV MIF GBMFJ TPCSF
JTTP&MFPMIPVQBSBNJNFTFGPJQFMPFEJGDJP
df "HPSB FV FTUBWB DPOGVTP DPN UPEB DFSUF[B &V QFOTFJ RVF
UJWFTTFNFFODPOUSBEPDPNBOKPT FOUPFVNFQFSHVOUFJTFFV
OPFTUBWBFOUSFEFNOJPT$PNPJTUPQPEFSJBTFS &VOPQVEF
FOUFOEFS & QPS BOPT FV NBOUJWF NJOIBT NPT GPSB EJTTP BU
RVFVNEJBPOEF?
(FPSHF4NJUI PSBQB[RVFOBNPSBNJOIBGJMIB OTGPNPT
POUFN BUPWFMIPNPJOIPPOEFFVWPVPSBS
&EFQPJTEFFTUBSMVNQBSEFEJBT P&TQSJUP4BOUPUSPVYF
FTUB &TDSJUVSB EF WPMUB QBSB NJN r1PJT B DIVWB DBJ NVJUBT
WF[FTTPCSFBUFSSBQBSBUSBKMBDPNFSWBT NBTPTFTQJOIPTF
PT BCSPMIPT WJWFN EFTTB NFTNB DIVWB F P TFV GJN TFSFN
RVFJNBEPTs 7JWFOEP EP NFTNP SFDVSTP WJWJGJDBOUF EF %FVT
&OUP FV FOUFOEJ BRVJMP r1FMPT?s +FTVT EJTTF r1PS TFVT
GSVUPTPTDPOIFDFSFJTs
dg "HPSB QPSUBOUP BDIVWBDBJOEPTPCSFBWFHFUBPOBUVSBM
EB UFSSB VN UJQP EB DIVWB FTQJSJUVBM RVF E 7JEB &UFSOB
DBJOEPTPCSFB*HSFKB QPJTOTBDIBNBNPTEFDIVWBUFNQPSF
DIVWB UBSEJB & VNB DIVWB KPSSBOEP EP &TQSJUP EF %FVT
TPCSF4VB*HSFKB
dh /PUFN BRVJFTUVNBDPJTBNVJUPFTUSBOIB7FN 2VBOEP
BT TFNFOUFT QFOFUSBSBN OP TPMP TFKB DPNP GPS RVF FMBT
DIFHBSBNM QBSBDPNFBSFMBTFSBNFTQJOIPT.BTPUSJHPRVF
QFOFUSPVOPTPMP FBTFSWBT FSBNFSWBTQBSBDPNFBS&DBEB
FSWB QSPEV[JOEP B TJ NFTNB PVUSB WF[ NPTUSBOEP RVF FTUBWB
OPQSJODQJPPSJHJOBM
di r&FOHBOBSJBNBUPT&TDPMIJEPTTFGPTTFQPTTWFM sQPSRVF
FMFT FTUP SFDFCFOEP B NFTNB DIVWB B NFTNB COP
NPTUSBOEP PT NFTNPT TJOBJT NFTNPT QSPEHJPT 7FN
r&OHBOBSP PV FOHBOBSJBN BU PT &TDPMIJEPT TF GPTTF
QPTTWFMs"HPSB VNFTQJOIPOPQPEFFWJUBSTFSVNFTQJOIP F
OFNPUSJHPQPEFFWJUBSTFSVNUSJHPPRVFP$SJBEPSEFDBEB
VNEFUFSNJOPVOPQSJODQJP&TTFP&MFJUP"NFTNBDIVWB
dj 0 TPM OBTDF EF NBOI F TF FTQBMIB QFMB UFSSB RVBOEP FMF
UFWFFTUBUFSSBFEJBFNRVFWJWFNPT&PTPM PNFTNPTPMRVF
OBTDF OP MFTUF P NFTNP TPM RVF TF QF OP PFTUF & FTTF TPM
FOWJBEPQBSBBNBEVSFDFSPHSPTPCSFBUFSSB EPRVBMOPTTPT
DPSQPTTPGFJUPT
04 6/(*%04 %04 -5*.04 %*"4
ea /T FTUBNPT WJWFOEP EF TVCTUODJB NPSUB &TTF P OJDP

NFJP QFMP RVBM WPD QPEF WJWFS & TF BMHP UFN EF NPSSFS UPEP
EJB QBSB RVF WPD WJWB OBUVSBM FOUP OP WFSEBEF RVF TF P
TFV?4FV DPSQP UFN RVF WJWFS EF TVCTUODJB NPSUB QBSB B
WJEB OBUVSBM FOUP WPD UFN RVF UFS "MHP RVF NPSSB
FTQJSJUVBMNFOUF QBSB TBMWBS TVB WJEB FTQJSJUVBM & %FVT TF
GF[ NBUSJB DBSOF F NPSSFV QBSB RVF QVETTFNPT WJWFS
/P I OFOIVNB JHSFKB OFOIVNB PVUSB DPJTB OP NVOEP RVF
QPTTB TBMWMP TFOP %FVT &TTB B OJDB DPJTB EB RVBM FMFT
WJWFN
eb "HPSB TJHB BT &TDSJUVSBT +FTVT B 1BMBWSB r/P QSJODQJP
FSB P 7FSCP & P 7FSCP 4F GF[ DBSOF F IBCJUPV FOUSF OT /P
QSJODQJPFSBP7FSCP FP7FSCPFTUBWBDPN%FVT&P7FSCP4F
GF[DBSOF P2VBMWJWFV IBCJUPVFOUSFOTsr&OFNTEFQP
WJWFS P IPNFN s QBSB P GTJDP rNBT EF UPEB 1BMBWSB RVF
QSPDFEF EB CPDB EF %FVTs &OUP WFKB WPD OT WJWFNPT EB
1BMBWSB FFTTB%FVT
ec "HPSBPTPMTFFTQBMIBFBNBEVSFDFPHSP"HPSB FMFOP
QPEFBNBEVSFDMP UPEPEFVNBWF[NFEJEBRVFTFHVF WBJ
BNBEVSFDFOEP DPOTUBOUFNFOUF BNBEVSFDF BU RVF DIFHVF B
VNBFTQJHBDPNQMFUB
"TTJN IPKF DPNB*HSFKB&MBDPNFPVOBTVBJOGODJB M
OB FSB EBT USFWBT POEF FTUBWB EFCBJYP EP TPMP &MB DSFTDFV
BHPSB NBUVSJEBEF & OT QPEFNPT WFS QFSGFJUBNFOUF DPNP
RVF%FVTBUSBWTEBOBUVSF[BTFNQSF?
ed 7PD OP QPEF EFTPSEFOBS B OBUVSF[B &TTF RVF P
QSPCMFNBIPKF/TFTUBNPTMBOBOEPCPNCBT FMOPPDFBOP
EFTUSVJOEPB F FYQMPEJOEPB DPN CPNCBT BUNJDBT 4FNQSF
QFSUVSCBTF B UFSSB DBEB WF[ NBJT BGVOEBOEP EFOUSP EFMB
%FSSVCBTF SWPSFT BT UFNQFTUBEFT PT BQBOIBN 'B[TF
CBSSBHFNOPSJPFMFUSBOTCPSEBS
5FNRVFTFFODPOUSBSPDBNJOIPEF%FVTEFGB[FSBTDPJTBT
FQFSNBOFDFSEFOUSPEFMF/TUFNPTEFOPNJOBEPQFTTPBTOBT
JHSFKBTFPSHBOJ[BFTPMIFPRVFOTUFNPT'JRVFOPDBNJOIP
QSPWJEPEF%FVTQBSBJTTP
ee .BT WFKB WPD r&MF FOWJB B DIVWB s EF WPMUB BP OPTTP
BTTVOUP rTPCSF P KVTUP F P JOKVTUPs +FTVT MIF EJ[ BHPSB FN
.BUFVT RVFTFSJBVNTJOBMOPUFNQPEPGJN
"HPSB TFFTUFTJOBMQBSBTFSDPOIFDJEPTPNFOUFOPUFNQP
EP GJN FOUP FMF UFS RVF TFS EFQPJT EB BCFSUVSB EBRVFMFT
4FMPT7FN VNTJOBMEPGJN*TTPTFSJB RVBOEPFTUBTDPJTBT
BDPOUFDFN TFSOPUFNQPEPGJN&TFSVNTJOBM BHPSB QBSB
RVF PT &MFJUPT OP FTUFKBN DPOGVTPT DPN FTUBT DPJTBT 7PD W
JTUP &OUP EFWFTFSSFWFMBEP FYQPTUP
ef /PUFN UBOUPPUSJHPDPNPPKPJPWJWFNEBNFTNB6OPEP
$V"NCPTTFSFHP[JKBNQPS&MB

" 1"-"73" '"-"%"
&V NF MFNCSP EJTUP SFGFSJOEPNF PVUSB WF[ RVFMF

FYFNQMPMBRVFMFEJBOP(SFFOqT.JMM&V@FVWJBRVFMBWJTP
TVCJS&IBWJBVNBHSBOEFUFSSB FFMBUJOIBTJEPUPEBBSBEB&
M JB VN 4FNFBEPS QSJNFJSP &V RVFSP NBOUFS JTTP EJBOUF EF
WPDT 0CTFSWFN P RVF WBJ QSJNFJSP FOUP P RVF P TFHVF &
FORVBOUP FTUF )PNFN WFTUJEP EF CSBODP WJOIB QFMB UFSSB
TFNFBOEP TFNFOUF FOUP QPS UST %FMF WJOIB VN IPNFN
WFTUJEPDPNSPVQBTFTDVSBT QBSFDJBNVJUPGVSUJWP BOEBOEPEF
NBOTJOIP QPS UST %FMF TFNFBOEP KPJP & RVBOEP JTUP
BDPOUFDFV FOUP FV WJ BNCBT BT DVMUVSBT DSFTDFSFN &
FORVBOUPDSFTDJBN VNBFSBUSJHPFBPVUSBFSBKPJP
&WFJPVNBTFDB RVBOEP QBSFDJB RVFBNCBTUJOIBNTVBT
DBCFBT JODMJOBEBT BQFOBT DMBNBOEP QPS DIVWB &OUP WFJP
VNBHSBOEFOVWFNTPCSFBUFSSB FDIPWFV&PUSJHPTFFSHVFV
F EJTTF r(MSJB BP 4FOIPS (MSJB BP 4FOIPSs & P KPJP TF
MFWBOUPV F HSJUPV r(MSJB BP 4FOIPS (MSJB BP 4FOIPSs 0T
NFTNPT SFTVMUBEPT "NCPT QFSFDFOEP BNCPT JBN NPSSFS &
FOUP P USJHP DSFTDF F GJDB DPN TFEF & QPS FTUBSFN OP NFTNP
DBNQP OB NFTNB QMBOUBP OP NFTNP MVHBS TPC B NFTNB
UPSSFOUF TBJV P USJHP F TBJV P KPJP QFMB NFTNTTJNB DPJTB
/PUFN BNFTNBHVBEFVOPRVFUSB[PUSJHP USB[PKPJP
eg 0 NFTNP &TQSJUP 4BOUP RVF VOHF B *HSFKB RVF MIFT E P
EFTFKPEFTBMWBSBMNBT RVFMIFTEQPEFSEFSFBMJ[BSNJMBHSFT
&MF DBJ UBOUP TPCSF P JOKVTUP RVBOUP TPCSF P KVTUP 0
NFTNTTJNP &TQSJUP "HPSB OP TF QPEF GB[FS EF VNB PVUSB
NBOFJSB F FOUFOEFS .BUFVT &MF EJTTF r4VSHJSP GBMTPT
DSJTUPT s GBMTPT VOHJEPT 6OHJEPT DPN B $PJTB HFOVOB NBT
TFSPGBMTPTQSPGFUBT%JTTP GBMTPTNFTUSFT%JTTP
0RVFGBSJBVNIPNFNRVFSFSTFSVNGBMTPNFTUSFEFBMHP
RVF B 7FSEBEF "HPSB OT DIFHBSFNPT NBSDB EB CFTUB FN
BMHVOT NJOVUPT F WPDT WFSP RVF B EFOPNJOBP 7FN
'BMTPT NFTUSFT GBMTPT VOHJEPT $SJTUPT VOHJEPT QPSN GBMTPT
NFTUSFTBOJDBNBOFJSBRVFTFQPEFFOUFOEFSJTTP
eh 5BM DPNP BRVJ I BMHVN UFNQP BUST FV DJUFJ JTUP &V
QPEFSJB DJUMP QPSRVF OT FTUBNPT FN DPOFYP BUSBWT EB
OBP6NEJBFVFTUBWBDPOWFSTBOEPDPNVNBNJHPNFV POEF
JTUP FTU DIFHBOEP FTUB NBOI OP "SJ[POB & FMF UJOIB
VNB@VNBQMBOUBPEFGSVUBDUSJDB&FMFUJOIBVNBSWPSFM
B RVBM FSB VNB MBSBOKFJSB RVF FTUBWB QSPEV[JOEP UPSBOKBT F
MJNP UBOHFSJOB UOHFMP <$SV[BNFOUP EF UBOHFSJOB DPN
UPSBOKB@5SBE> & FV FTRVFP RVBOUPT GSVUPT EJGFSFOUFT IBWJB
OBRVFMB NFTNB SWPSF & FV EJTTF QBSB P@P@P IPNFN FV
EJTTFr$PNPJTTP 2VFUJQPEFSWPSFFTTB s
&MFEJTTFr"SWPSF FNTJ VNBMBSBOKFJSBs
&VEJTTFr1PSRVFFYJTUFNUPSBOKBTOFMB 1PSRVFFYJTUFN
MJNFTOFMB s
&MFEJTTFr&MFTFTUPFOYFSUBEPTOFMBs
04 6/(*%04 %04 -5*.04 %*"4

&V EJTTF r&OUFOEP #FN BHPSB s FV EJTTF rBHPSB OP

QSYJNPBOP RVBOEPFTTBSWPSFQSPEV[JSVNBPVUSBDBSHBEF
GSVUPT s PT RVBJT BNBEVSFDFN BQSPYJNBEBNFOUF OB NFTNB
QPDB FVEJTTFrFOUPUVEPRVFFMBQSPEV[JSTFSMBSBOKBT4F
FMB GPS VNB MBSBOKB EF VNCJHP FMB QSPEV[JS BT MBSBOKBT EF
VNCJHP OPQSPEV[JS TFOIPS s
&MFEJTTFr/P TFOIPS$BEBHBMIPFOYFSUBEPQSPEV[JSB
TVBFTQDJFs
&VEJTTFr0TFOIPSRVFSEJ[FSRVFBRVFMFSBNPEFMJNPFJSP
QSPEV[JSVNMJNPEBRVFMBMBSBOKFJSB s
&MFEJTTFr4JN TFOIPSs
r"UPSBOKFJSBEBSUPSBOKBTEBRVFMBMBSBOKFJSB s
&MFEJTTFr4JN TFOIPS&TTBBOBUVSF[BEPHBMIPRVFFTU
FOYFSUBEPOFMBs
&VEJTTFr-PVWBEPTFKB%FVTs
&MFEJTTFr0RVFRVFSEJ[FS s
&V EJTTF r.BJT VNB QFSHVOUB "HPSB BMHVNB WF[ FTTB
MBSBOKFJSBQSPEV[JSMBSBOKBTOPWBNFOUF s
&MF EJTTF r2VBOEP VN PVUSP HBMIP CSPUBS EFMBs 2VBOEP
VNPVUSPHBMIPCSPUBSEFMB OPRVBOEPVNGPSFOYFSUBEPOFMB
1PSN FMBT TP UPEBT GSVUBT DUSJDBT F FMBT WJWFN EB WJEB
DUSJDBRVFFTUOBSWPSFEFGSVUBDUSJDB
ei &VEJTTFr"FTU"NFUPEJTUBQSPEV[JSNFUPEJTUBT DBEB
WF[ " CBUJTUB QSPEV[JS CBUJTUBT DBEB WF[ " DBUMJDB
QSPEV[JS DBUMJDPT DBEB WF[ .BT B *HSFKB EP %FVT WJWP
QSPEV[JS$SJTUPEBSBJ[ B1BMBWSBDBEBWF[ TFBMHVNBWF[FMB
QSPEV[JSVNBPVUSBWJEFTBJOEPEF4JQSQSJBs
ej "HPSB QPEFTF FOYFSUMB B WFKB WPD $BEB UPSBOKB
MJNP UOHFMP UBOHFSJOB RVBJTRVFSGSVUPTDUSJDPTRVFTFKBN
DBEB VN EFMFT QPEF WJWFS OBRVFMB SWPSF NBT EBOEP GBMTP
UFTUFNVOIP EB SWPSF WJWFOEP EB SWPSF 7PD W JTTP &MFT
FTUPWJWFOEPFQSPTQFSBOEPOBWJEBHFOVOBRVFFTUOBRVFMB
SWPSF
"HPSB B FTU .BUFVT WJWFOEP EB NFTNB 7JEB NBT
FMFT OP FTUBWBN DFSUPT OP QSJODQJP &MFT FTUP EBOEP GBMTP
UFTUFNVOIP EBRVFMB SWPSF VNB MBSBOKFJSB UPEBWJB VNB
SWPSF EF GSVUB DUSJDB & FMFT EJ[FN r&TUB JHSFKB FTUB
EFOPNJOBP FTU UFTUJGJDBOEP EF $SJTUP s F UN VN CBUJTNP
GBMTP GBMTPUFTUFNVOIPEB1BMBWSB UFOUBOEPEJ[FSRVFPQPEFS
EF%FVTGPJTPNFOUFQBSBPTEJTDQVMPT
+FTVT &MFNFTNP EJTTFr*EFQPSUPEPPNVOEPFQSFHBJP
&WBOHFMIP B UPEP SBNP RVF BMHVNB WF[?SWPSF RVF BMHVNB
WF[ QSPEV[B DBEB SBNP RVF FTUJWFS OB SWPSF & FTUFT TJOBJT
TFHVJSP PT SBNPT HFOVOPTs 0OEF $POUBOUP RVF TFKB VNB
SWPSF DPOUBOUPRVF&MBFTUFKBQSPEV[JOEPSBNPT BUPGJNEP

" 1"-"73" '"-"%"
NVOEP r&N .FV /PNF FYQVMTBSP EFNOJPT GBMBSP OPWBT

MOHVBT QFHBSP FN TFSQFOUFT CFCFSP DPJTBT NPSUGFSBT
DPMPDBSP BT NPT TPCSF PT FOGFSNPT F PT DVSBSPs 7FN B
IPSBFNRVFFTUBNPTWJWFOEP 7FNPRVF+FTVTEJTTF
fa -FNCSF JTUPTFSJBOPUFNQPEPGJN OPMTPC8FTMFZFM
BUST"HPSB OPUFNQPEPGJN JTTPFSBQBSBBDPOUFDFS
"HPSB PCTFSWFN BT &TDSJUVSBT EFJYFN RVF &MBT
UFTUJGJRVFN +FTVT EJTTF r&YBNJOBJ BT &TDSJUVSBT QPSRVF
DVJEBJT PV DSFEFT UFS /FMBT B 7JEB &UFSOB F TP &MBT RVF EF
.JN UFTUJGJDBNs &N PVUSBT QBMBWSBT TF FTUB SWPSF BMHVNB
WF[QSPEV[JSVNSBNP?r&VTPVB7JEF BSWPSFWTTPJTPT
SBNPT "RVFMF RVF DS FN .JN UBNCN GBS BT PCSBT RVF &V
GBP s4P+PP
fb "HPSB r"RVFMF RVF IBCJUB FN .JN BRVFMF RVF?BRVFMF
RVFFTUBWBFN.JOIBSBJ[OPQSJODQJPs
&TTB B SB[P QFMB RVBM +FTVT GPJ UBOUP B 3BJ[ DPNP B
%FTDFOEODJBEF%BWJ&MFGPJBOUFTEF%BWJ FN%BWJ FEFQPJT
EF%BWJ UBOUPB3BJ[DPNPB%FTDFOEODJBEF%BWJB&TUSFMB
EB .BOI B 3PTB EF 4BSPN P -SJP EP 7BMF "MGB F NFHB
1BJ 'JMIP F &TQSJUP 4BOUP r/FMF IBCJUB DPSQPSBMNFOUF B
QMFOJUVEF EB %JWJOEBEFs 5BOUP B 3BJ[ DPNP B %FTDFOEODJB
EF%BWJ
r"RVFMFRVFB7JEBFMFJUB B7JEBQSFEFTUJOBEB RVFFTU
FN .JN s F &MF B 1BMBWSB rEP QSJODQJP RVBOEP FMF TVSHJS
FMFQSPEV[JS.FVTGSVUPTs4P+PP
.BTPVUSPTWJWFSPEBNFTNBDPJTB DIBNBOEPBTJNFTNPT
EFDSJTUPTFDSFOUFTr/FNUPEPTRVFEJ[FNp4FOIPS 4FOIPS q
FOUSBSPs
"HPSB F JTUP QBSB BDPOUFDFS F TFS NBOJGFTUBEP OPT
MUJNPT EJBT rRVBOEP PT NJTUSJPT EF %FVT GPSFN SFWFMBEPT s
DPNPOTDIFHBSFNPTBJTTPVNQPVDPNBJTUBSEF
fc &TUBTSWPSFT BWJEFJSBWFSEBEFJSBFBWJEFJSBGBMTB7PDT
UNNFPVWJEPQSFHBSTPCSFJTTPEFTEF EFTEFBOPTBUST DPNP
RVF UN DSFTDJEP KVOUBT "T USPVYF FN JOEJWEVPT F NPTUSFJ
RVF EF $BJN F "CFM BT EVBT WJEFJSBT RVF TF FODPOUSBSBN FN
VN BMUBS BNCBT SFMJHJPTBT BNCBT VOHJEBT BNCBT EFTFKBOEP
WJEB FBEPSBOEPPNFTNP%FVT&VNBGPJSFKFJUBEBFBPVUSB
BDFJUB
&BOJDBNBOFJSBRVFBRVFMFRVFGPJBDFJUPQEFUFSGFJUP
EJGFSFOUFEFTFVJSNP GPJRVFBRVJMPGPJSFWFMBEPBFMF1PJTB
#CMJB EJTTF r1FMB G?s )FCSFVT DBQUVMP r1FMB G "CFM
PGFSFDFV B %FVT NBJPS TBDSJGDJP EP RVF $BJN QFMP RVBM
BMDBOPVUFTUFNVOIPEFRVFFSBKVTUPs
+FTVT EJTTF BSFWFMBPFTQJSJUVBMEF2VFN&MFFSBr2VFN
EJ[FNPTIPNFOTTFSP'JMIPEPIPNFN s
&MFEJTTF 1FESPEJTTFr5VTP$SJTUP P'JMIPEP%FVTWJWPs
04 6/(*%04 %04 -5*.04 %*"4

r#FNBWFOUVSBEP T UV 4JNP@4JNP GJMIP EF +POBT

DBSOFFTBOHVFKBNBJTSFWFMBSBNJTUPBWPD.FV1BJRVFFTU
OP$VPSFWFMPV4PCSFFTUBQFESBFEJGJDBSFJ.JOIB*HSFKB s P
RV
B WFSEBEFJSB SFWFMBP EB 1BMBWSB " FTU B 7JEFJSB
WFSEBEFJSBOPWBNFOUFr"CFM QFMBGs
7PDEJTTFr/PGPJVNBSFWFMBPs
fd 0RVFG 'BMHPRVFSFWFMBEPBWPDRVFBJOEBOP
NBT WPD DS RVF TFS ' VNB SFWFMBP EB WPOUBEF EF
%FVT&OUP QPSSFWFMBP
fe &BTJHSFKBTIPKFOFNTFRVFSDSFNFNSFWFMBPFTQJSJUVBM
&MBT DSFN FN VN FOTJOP EPHNUJDP EF BMHVN TJTUFNB r1FMB
SFWFMBP "CFM PGFSFDFV B %FVT NBJPS TBDSJGDJP EP RVF $BJN
QFMP RVBM BMDBOPV UFTUFNVOIP EF RVF FSB KVTUPs "NN &V
FTQFSP RVF WPD WFKB JTUP 7FN POEF OT FTUBNPT WJWFOEP
7FNBIPSB
&V FTUBWB DPOWFSTBOEP DPN VN@VN DBWBMIFJSP I OP
NVJUP UFNQP BUST VN FSVEJUP DSJTUP F DBWBMIFJSP &MF EJTTF
r4S#SBOIBN OTSFKFJUBNPTUPEBTBTSFWFMBFTs
ff &V EJTTF r&OUP WPDT UN RVF SFKFJUBS +FTVT $SJTUP QPJT
&MFBSFWFMBPEF%FVT %FVTSFWFMBEPFNDBSOFIVNBOBs"
NFOPTRVFWPDWFKBJTUP WPDFTUQFSEJEP
+FTVTEJTTFr"NFOPTRVFDSFJBJTRVF&VTPV&MF NPSSFSFJT
FN WPTTPT QFDBEPTs &MF B SFWFMBP EF %FVT P &TQSJUP EF
%FVTSFWFMBEPFNGPSNBIVNBOB4FWPDOPQVEFSDSFSOJTTP
WPD FTU QFSEJEP 7PD DPMPDB /FMF VNB UFSDFJSB QFTTPB
TFHVOEB QFTTPB PV RVBMRVFS PVUSB QFTTPB BMN EF %FVT WPD
FTU QFSEJEP r" NFOPT RVF DSFJBJT RVF &V TPV &MF NPSSFSFJT
FNWPTTPTQFDBEPTs6NBSFWFMBP
fg /P EF TF BENJSBS RVF FMFT OP QVEFSBN W-P
r/JOHVNQPEFWJSB.JNBNFOPTRVF.FV1BJPUSBHB&UPEP
P RVF P 1BJ .F EFV s OBT SB[FT rWJS B .JNs 7FN 7PD
FOUFOEF 0I DPNP OT EFWFNPT BN-P BEPS-P MPVW-P
FN WFS P GSVUP EP &TQSJUP OPT MUJNPT EJBT F B SWPSF /PJWB
BNBEVSFDFOEPOPDVNFEPUFNQP
fh " WJEFJSB WFSEBEFJSB F B WJEFJSB GBMTB BNCBT UJOIBN B
NFTNB VOP " HVB DBB TPCSF BNCBT /P EF TF BENJSBS
RVF&MFOPTBEWFSUJVr&OHBOBSJBBUBPT&TDPMIJEPTTFQPTTWFM
GPSBs
fi /PUFN FMBT TF QBSFDFN JHVBJT &MBT UN B NFTNB VOP
.BTOPUFNr1PSTFVTGSVUPT?s$PNPWPDBDPOIFDF
$PNP WPD TBCF RVF OP VNB MBSBOKFJSB 1PSRVF FTU
QSPEV[JOEP VNB UPSBOKB "RVFMF SBNP FTU CFN FMF FTU
WJWFOEP OB SWPSF NBT FTU QSPEV[JOEP VNB UPSBOKB /P
DPNPBQSJNFJSB
& TF VNB JHSFKB EJ[ RVF FMFT rDSFN RVF +FTVT $SJTUP P
NFTNPPOUFN IPKF FFUFSOBNFOUF sFOFHBN4FV1PEFS OFHBN

" 1"-"73" '"-"%"
4VBT PCSBT OFHBN 4VB 1BMBWSB TF@TF?" *HSFKB RVF DS FN

+FTVT$SJTUP GBSBTPCSBTEF+FTVT$SJTUP UFSB7JEBEF+FTVT
$SJTUP&TFOPGPS OPJNQPSUBTFB7JEBFTUDBJOEPOFMBTF
OPGPSQSFEFTUJOBEB EBTSB[FT FMBQSPEV[JSUPSBOKBUPEBWF[
PV BMHP EJGFSFOUF .BT TF GPS B 7JEB QSFEFTUJOBEB OBT SB[FT
FMBQSPEV[JS+FTVT$SJTUPPNFTNPPOUFN IPKF FFUFSOBNFOUF
TFGPSB1BMBWSBTVCJOEPBUSBWTEB3BJ[0RVF &MFB3BJ[ P
QSJODQJPEPUFNQP
fj /PUFN NBTPRVFFMBTQSPEV[FNRVFNPTUSBBEJGFSFOB
r1PS TFVT GSVUPT s +FTVT EJTTF rPT DPOIFDFSFJTs r/P TF
DPMIFN VWBT EF VN BCSPMIP s BJOEB RVF P BCSPMIP FTUFKB OB
WJEF*TTPQPEFSJBTFSQPTTWFM NBTPGSVUPPEJS
2VBMPGSVUP "1BMBWSB QBSBPGSVUPEBQPDB*TTPPRVF
PFOTJOBNFOUPEFMFT0FOTJOBNFOUPEFRV 0FOTJOBNFOUP
EB QPDB RVF IPSBT TP " EPVUSJOB EP IPNFN EPVUSJOB
EFOPNJOBDJPOBM NBT PVB1BMBWSBEF%FVTQBSBBQPDB
"HPSB P UFNQP TF WBJ UP SQJEP RVF QPEFSBNPT GJDBS
OJTTP VN MPOHP UFNQP .BT FV FTUPV DFSUP RVF WPDT BRVJ
QSFTFOUFT FFVFTUPVDFSUPRVFWPDTBUSBWTEBOBP QPEFN
WFSPRVFFTUPVUFOUBOEPMIFTEJ[FS QPJTOTOPUFNPTNVJUP
NBJTUFNQPQBSBGJDBSOJTTP
ga .BT WPD QPEFSJB WFS RVF B 6OP DBJ TPCSF P JOKVTUP PT
GBMTPT NFTUSFT F GB[ DPN RVF FMFT GBBN FYBUBNFOUF P RVF
%FVTMIFTEJTTFQBSBOPGB[FSFNNBTFMFTPGBSP EFRVBMRVFS
NBOFJSB 1PS RV &MFT OP QPEFN FWJUBS $PNP QPEF VN
BCSPMIP TFS RVBMRVFS PVUSB DPJTB B OP TFS VN BCSPMIP /P
JNQPSUB RVBOUB DIVWB CPB DBJB TPCSF FMF FMF UFN RVF TFS VN
BCSPMIP &TTB B SB[P RVF +FTVT EJTTF r&MFT TFSP UP
QBSFDJEPT RVF FOHBOBSJBN BU NFTNP PT &TDPMIJEPT s P RVBM
FTU OBT SB[FT rTF GPTTF QPTTWFM s NBT OP QPTTWFM 6N
USJHPOPQPEFGB[FSOBEBBOPTFSQSPEV[JSUSJHPJTTPUVEPP
RVFFMFQPEFQSPEV[JS
gb /PUFN-FNCSFNTF %FVTOPPBVUPSEBPSHBOJ[BP0
%JBCPPBVUPSEBPSHBOJ[BP&VQSPWFJJTTPQFMB1BMBWSB EF
USTQBSBGSFOUF FWF[BQTWF[OPUFSFJRVFFOUSBSOJTTPFTUB
NBOI/TTBCFNPTRVF%FVTOVODBPSHBOJ[PVQFTTPBTKVOUBT
EFTTF KFJUP GF[ VNB PSHBOJ[BP 'PSBN DFOUFOBT EF BOPT
BQT B NPSUF EP MUJNP EJTDQVMP BOUFT RVF DIFHBTTFN B UFS
B QSJNFJSB PSHBOJ[BP 4FNQSF UFN QSPWBEP TFS VNB GBMIB
4FOP QPSRVFOPFTUBNPTKVOUPTFNBNPSIPKF NFUPEJTUB
CBUJTUB QSFTCJUFSJBOB DBUMJDB F UPEBT 1PS RVF BT PCSBT EF
%FVT OP FTUP OPT TFHVJOEP FOUP DBEB JHSFKB OB NFTNB
DPJTB B 1BMBWSB &TTBT DPJTBT RVF TFQBSBN P IPNFN B
GSBUFSOJEBEF?/TFTUBNPTNBJTMPOHFEF%FVTEPRVFKBNBJT
FTUJWFNPT GBMBOEPEBTJHSFKBT
gc "HPSB OPT GPJ EJUP RVF r5PEBT BT DPJTBT QBTTBEBT
BDPOUFDFSBN QBSB FYFNQMPT QBSB OPTTP FOTJOP SFQSFFOTFT
04 6/(*%04 %04 -5*.04 %*"4

BENPFTUBFTs 2VF UPEBT BT DPJTBT QBTTBEBT EP 7FMIP

5FTUBNFOUPBDPOUFDFSBN GPSBNTPNCSB QBSBTFWFSPRVFTFSJB
OP/PWP5FTUBNFOUP FNOPTTPEJB
5BM DPNP TF WPD OVODB UJWFTTF WJTUP TVB NP F PMIBTTF
QBSB DJNB F WJTTF VNB TPNCSB OB QBSFEF DPNP NJOIB NP
TFSJBOBMV[ TFFMBUFNDJODPEFEPTBRVJOVNBTPNCSB RVBOEP
P OFHBUJWP F WPD NPWF TVBT NPT TFOEP P QPTJUJWP FN
EJSFP BP@FN EJSFP BP OFHBUJWP FMB UFN RVF WJS B DJODP
EFEPT
$PNP B #CMJB OPT EJ[ RVF r0 7FMIP 5FTUBNFOUP TFOEP
VNBTPNCSB UJQPEBTDPJTBTOPWBT PVEBTDPJTBTRVFFTUBWBN
QPSWJSOPBTQSQSJBTDPJTBTRVFTP NBTVNBTPNCSB VN
UJQPEBTDPJTBTRVFFTUPQPSWJSs
gd 7BNPT WPMUBS BUST F WFS TF FTUB DPJTB K GPJ FN RVBMRVFS
PVUSB FSB 7PDT FTUP EJTQPTUPT <" DPOHSFHBP EJ[
r"NNs@&E>&OUPOTTBCFSFNPT QBSBQSPWBSJTUP EFUST
QBSB GSFOUF QFMB 1BMBWSB OP QFMB JEJB EF BMHVN IPNFN
BMHVNBUFPSJB
/PNFJNQPSUBRVFNFMFTFKBRVBMRVFSPVUSPIPNFN FV
NFTNP PV RVBMRVFS PVUSB QFTTPB r4F FMF OP GBMB EF BDPSEP
DPNBMFJFPTQSPGFUBT OPI-V[OFMFs&TUWFOEP *TTPP
RVFB#CMJBEJTTFr2VFBQBMBWSBEFUPEPIPNFNTFKBNFOUJSB
FB.JOIBWFSEBEFJSB sJOEFQFOEFOUFEFRVFNTFKB
ge "HPSB WBNPT WPMUBS BUST F EFTDPCSJS TF JTUP BMHVNB WF[
BDPOUFDFV QBSBNPTUSBSOPTVNFYFNQMP
1PEFSBNPT WPMUBS BHPSB BP -JWSP EF YPEP F GBMBS EF VN
QFSTPOBHFN DIBNBEP .PJTT RVF FSB VN QSPGFUB VOHJEP
FOWJBEPEF%FVT DPNB1BMBWSBEF%FVTFBWPOUBEFEF%FVT
QBSB TVB HFSBP $PNP B 1BMBWSB EF %FVT TFNQSF TFHVF FN
DPOUJOVJEBEF &MF EJTTF r&MF OP GB[JB OBEB TFN RVF &MF "
SFWFMBTTFBPT4FVTQSPGFUBTQSJNFJSPs&OUP&MFGB[JB7FN
"HPSB &MF OP QPEF NFOUJS &MF OP QPEF NFOUJS F TFS
%FVT/P TFOIPS&MFUFNRVFQFSNBOFDFSWFSEBEFJSP/PI
VNBNFOUJSB/FMF&MF?
&FMFOPQPEFNVEBS*TUP4F&MFNVEBS FOUP&MFOP
%FVT &MF DPNFUFV VN FOHBOP &MF UFN RVF TFS JOGJOJUP &
JOGJOJUP OP QPEF FSSBS &TU WFOEP &OUP P RVF %FVT EJTTFS
JTTP FUFSOBNFOUF DPSSFUP &TU WFOEP & &MF QSPNFUFV JTTP
&OUP PCTFSWFN OP I OFOIVN MVHBS OB #CMJB RVF OP E
DPOUJOVJEBEFBJTTP
gf "HPSB %FVT QSPNFUFV B "CSBP RVF TVB TFNFOUF TFSJB
FTUSBOHFJSB FN VNB@VNB UFSSB FTUSBOIB QPS RVBUSPDFOUPT
BOPT FOUP&MFBUJSBSJBDPNVNBHSBOEFNPEFGPSBFQPEFS
NPTUSBSJB 4FVT TJOBJT F NBSBWJMIBT FOUSF P QPWP DPN P RVBM
FMFT IBCJUBWBN 0 UFNQP EB QSPNFTTB TF BQSPYJNBWB "T
QFTTPBT UJOIBN TF FTRVFDJEP EFMB &MFT UJOIBN GBSJTFVT F

" 1"-"73" '"-"%"
TBEVDFVT FBTTJNQPSEJBOUF EFOPNJOBFT.BT EFTCJUP BMJ

WFJP%FVTTP[JOIPF4FSFUJSPV GPSB QBSBEJTUBOUFEFRVBMRVFS
EFMFT
%FVT OVODB FN RVBMRVFS EJB PV RVBMRVFS UFNQP KBNBJT
DIBNPVVNQSPGFUBEFVNBEFOPNJOBP/P TFOIPS&MFFTU
UP FOSPMBEP FMF OP QPEFSJB GB[MP FMF UFSJB RVF GJDBS DPN
BRVFMBEFOPNJOBP
gg .PJTT VN IPNFN FOWJBEP EF %FVT DPN B 1BMBWSB EF
%FVT FFNTVBKPSOBEBMFWBOEP*TSBFMQBSBBUFSSBQSPNFUJEB
SJHPSPTBNFOUF DPN P NBOEBNFOUP EF %FVT FMF FODPOUSPV VN
PVUSP QSPGFUB VN PVUSP VOHJEP RVF UJOIB VNB VOP HFOVOB
EP NFTNP &TQSJUP 4BOUP RVF FTUBWB TPCSF .PJTT *TTP
DFSUP &MF FSB VN QSPGFUB 0 &TQSJUP 4BOUP FTUBWB TPCSF FTUF
IPNFN 4FV OPNF FSB #BMBP 5PEPT OT FTUBNPT
GBNJMJBSJ[BEPTDPNFMF#FN BTQSQSJBTDPJTBT BTNFTNBT BT
DPJTBT@BT DPJTBT RVF FTTF IPNFN EJTTF BJOEB FTUP
BDPOUFDFOEP IDFSDBEFEPJTNJMFPJUPDFOUPTBOPTBUSTr5V
T DPNP VN VOJDSOJP *TSBFM "RVFMFT RVF UF CFOEJTTFSFN
TFSP CFOEJUPT "RVFMFT RVF UF BNBMEJPBSFN TFSP NBMEJUPT
5V T GPSUF F QPEFSPTP RVP KVTUBT TP BT UVBT UFOEBT
+BDs7FN FMFNFTNPOPQPEJBFWJUBS&MFGPJBMJQSPQPOEP
FNTFVDPSBPBNBMEJPBSPQPWP
gh 0I WPDTGBMTPTNFTUSFTPVWJOEPFTUBTGJUBTQPSUPEPTFTUFT
BOPT F WFOEP %FVT DPOGJSNBS FYBUBNFOUF P RVF &MF EJTTF F
WPDTTFBTTFOUBNFNTFVTFTDSJUSJPTFTBCFNRVFB7FSEBEF
F QPS DBVTB EF TVBT EJGFSFOBT EFOPNJOBDJPOBJT WPDT BT
SFTJTUFN F EJ[FN TVB HFOUF RVF FMBT OP TP BTTJN "J EF
WPDT4FVUFNQPFTUQSYJNP
gi #BMBP VOHJEP DPN P NFTNP &TQSJUP RVF FTUBWB TPCSF
.PJTT 2VBM FSB B EJGFSFOB 0 FOTJOBNFOUP EF .PJTT FSB
QFSGFJUP " #CMJB EJTTF BRVJ FN 4FHVOEP 1FESP RVF GPJ rP
FOTJOBNFOUP EF #BMBPs RVF *TSBFM SFDFCFV RVF %FVT OVODB
QFSEPPV 1FDBEP JNQFSEPWFM /FOIVN EFMFT TF TBMWPV
FNCPSB FMFT UJWFTTFN TBEP TPC BT COPT EF %FVT F WJTUP B
NP EF %FVT NPWFOEP BUSBWT EFTUF QSPGFUB QPEFSPTP F B
UJOIBN WJTUP FYBUBNFOUF WJOEJDBEB QPS %FVT & QPSRVF VN
PVUSP QSPGFUB FOUSPV DPN VN FOTJOBNFOUP DPOUSSJP F
EJTQVUPV DPN .PJTT F UFOUPV NPTUSBS BP QPWP RVF .PJTT
FTUBWB FSSBEP & %BU $PS F NVJUPT EFMFT DPODPSEBSBN
DPN FMF F FOTJOBSBN PT GJMIPT EF *TSBFM B DPNFUFSFN
GPSOJDBFT JSFN BQT TVB PSHBOJ[BP RVF r/T TPNPT
UPEPTPNFTNPs
r2VFS TFKBNPT NFUPEJTUBT CBUJTUBT QSFTCJUFSJBOPT PV
QFOUFDPTUBJT FPRVFNBJT OTTPNPTUPEPTPNFTNPs
gj /TOPTPNPTPNFTNP7TTPJTQFTTPBTTFQBSBEBT TBOUBT
BP 4FOIPS EFEJDBEBT 1BMBWSB F BP &TQSJUP EF %FVT QBSB
QSPEV[JS GSVUP EF 4VB QSPNFTTB EFTUF EJB & WPDT OP TP
04 6/(*%04 %04 -5*.04 %*"4

EFMFT &V TFJ RVF JTTP GPSUTTJNP NBT FTTB B 7FSEBEF

FYBUBNFOUF B NFTNB %FEJDBEBT B VN TFSWJP OFTUFT MUJNPT
EJBTr4BJBEPNFJPEFMFTs
ha "HPSB rP FOTJOBNFOUP EF #BMBP s OP B QSPGFDJB EF
#BMBP &TTB FTUBWB DPSSFUB &TTB FSB %FVT 2VBOUPT DSFN
OJTTP <"DPOHSFHBPEJ[r"NNs@&E>"QSPGFDJBEF#BMBP
FTUBWB FYBUBNFOUF DPSSFUB QPSRVF &MF OP QPEJB GBMBS OBEB
NBJT " VOP EF %FVT OP GBMBSJB OBEB NBJT F %FVT B
WJOEJDPV QSPWBOEP RVF FMB FSB B 7FSEBEF .BT FSB rP
FOTJOBNFOUPEF#BMBPs
hb "HPSBDPNQBSFJTTPDPN.BUFVT6OHJEPT NBTPTFV
FOTJOBNFOUPGBMTP"TUSJOEBEFT FUPEBTBTDPJTBTEFTTFUJQP
FSSBEP BOUJDSJTUP
&VFTQFSPRVFOPGJRVFNPGFOEJEPT&OPEFTMJHVFNJTTP
PTUFMFGPOFT&OPTFMFWBOUFFTBJB"QFOBTTFOUFTFRVJFUP F
WFKBNPTTFP&TQSJUP4BOUPOPOPTSFWFMBJTUP FPQSPWBQBSB
OT7PDEJ[r.BTJTTP?s"QFOBTPRVFRVFSRVFWPDDSFJB
BQFOBT GJRVF TFOUBEP RVJFUP F PVB & QFB B %FVT QBSB BCSJS
TFVDPSBP FOUPWPDEFTDPCSJSTFWPDVNBCSPMIP PVVN
FTQJOIP PVPOEFRVFSRVFWPDFTUFKBGJSNBEP&TUWFOEP
hc "HPSB BU NFTNP +VEBT rQSFPSEFOBEP DPOEFOBP FMF
GPJ s BTTFOUBEP M BOUF +FTVT & +FTVT MIF EJTTF r7PD P UBM
4FKB P RVF GPS RVF WPD W GB[FS F TFKB P RVF WPD UFOIB RVF
GB[FS W GB[MP SBQJEBNFOUFs &MF TBCFOEP P RVF FTUBWB
GB[FOEP NBT QPS USJOUB NPFEBT EF QSBUB F QPQVMBSJEBEF
WFOEFV P 4FOIPS +FTVT $SJTUP 6N EF 4FVT EJTDQVMPT P
UFTPVSFJSPEBJHSFKB +FTVTPDIBNPVEF4FVrBNJHPs7FN "
#CMJB EJTTF r&MF OBTDFV P GJMIP EB QFSEJP s FYBUBNFOUF EP
NFTNP NPEP RVF +FTVT OBTDFV P 'JMIP EF %FVT r&OHBOBSJBN
BUPT&TDPMIJEPTTFQPTTWFMGPSBs
hd /PUFN BUFOUBNFOUF FORVBOUP QSPTTFHVJNPT OP FTUVEP
5PNBSFNPT VN PVUSP FYFNQMP M OP -JWSP EPT 3FJT )BWJB
VN@VNQSPGFUB FTFVOPNFFSB.JDBBT&MFFSBGJMIPEF*OM F
FMFFSBVNQSPGFUB&MFFSB
&IBWJBVNPVUSPQSPGFUB PDBCFBEFVNBPSHBOJ[BPEF
QSPGFUBT VOHJEPT " #CMJB EJTTF RVF FMFT FSBN rQSPGFUBT s
FYBUBNFOUF DPNP &MF EJTTF RVF #BMBP FSB VN QSPGFUB
VOHJEPT
&IBWJBVNEFMFTQFMPOPNFEF.JDBBT RVFFSBVOHJEPEF
%FVTFFOWJBEPQPS%FVT DPNB1BMBWSBEF%FVT
)BWJB VN ;FEFRVJBT RVF BDIBWB RVF FMF FSB FOWJBEP QPS
%FVT&MFFSBVOHJEPEF%FVT NBTTFVFOTJOBNFOUPFSBDPOUSSJP
1BMBWSBEF%FVTr4VSHJSPGBMTPT$SJTUPT NPTUSBSPHSBOEFT
TJOBJT FOHBOBSJBNPT&TDPMIJEPTTFQPTTWFMs
he /PUFN BNCPT BNCPT VOHJEPT "HPSB DPNP TF QPEFSJB
EJ[FS RVBM FTUBWB DFSUP PV FSSBEP 7FKB P RVF B 1BMBWSB

" 1"-"73" '"-"%"
QSPNFUFVB"DBCF0QSPGFUBRVFGPJBOUFTEFMF RVFFSB&MJBT
VNEPTHSBOEFTQSPGFUBTEBFSB RVFFSBVNQSPGFUBWJOEJDBEP
&TTF QSPGFUB WJOEJDBEP EJTTF RVF r1PSRVF "DBCF UJOIB GFJUP
FTUF NBM RVF PT DFT MBNCFSJBN TFV TBOHVF QPS UFS UJSBEP B
WJEB EF /BCPUF & RVF PT DFT DPNFSJBN +F[BCFM F P?TFV
DPSQP TFSJB FTUFSDP TPCSF PT DBNQPTs "HPSB DPNP WPD QPEF
BCFOPBS P RVF %FVT BNBMEJPPV 0V DPNP QPEF WPD
BNBMEJPBS DPNP #BMBP EJTTF P RVF %FVT BCFOPPV &TU
WFOEP
.BTFTUFTQSPGFUBTFSBNTJODFSPT/PIBWJBEWJEBTEFRVF
FMFT FSBN IPNFOT CPOT IPOSWFJT 1PJT QBSB TFS VN QSPGFUB
FN *TSBFM WPD EFWF TFS IPOSWFM PV BU NFTNP QBSB TFS VN
JTSBFMJUB 7PD TFSJB BQFESFKBEP TF OP GPTTF &MFT FSBN
IPNFOTIPOSWFJT&MFTFSBNIPNFOTTCJPT&MFTFSBNIPNFOT
FEVDBEPT&MFTFSBNPTFTDPMIJEPTEF"DBCF EBOBP 7JTTP
*SN 8SJHIU
0T FTDPMIJEPT EB OBP CFN BEFRVBEPT QBSB P
QBS?
hf & BHPSB RVBOEP .JDBBT UFWF TVB WJTP FMF TBCJB FN TFV
DPSBPPRVFB1BMBWSBUJOIBEJUP NBTFMFRVFSJBWFSPRVFP
&TQSJUPRVFFTUBWBOFMFEJSJB
&OUPFMFTMIFEJTTFSBN FMFTEJTTFSBNr7PDEJHBBNFTNB
DPJTB RVF FTUFT PVUSPT QSPGFUBT EJ[FN & RVBOEP WPD P GJ[FS
PSB WPD FTUBS OT P BDFJUBSFNPT OP DPNQBOIFJSJTNP TFN
EWJEB OPWBNFOUF7FN /TGBSFNPTEFWPDVNEFOT/T
P BDFJUBSFNPT EF WPMUB FN OPTTB EFOPNJOBP 7PD ?/T
TBCFNPTRVFWPDVNQSPGFUB NBTWPDFTUTFNQSFEJ[FOEP
NBMEJFT 7PD FTU TFNQSF BNBMEJPBOEP "DBCF "HPSB
;FEFRVJBT P DIFGF P QBQB PV P?s TFKB M P RVF FMF GPTTF
r"HPSB FMF BCFOPPV "DBCF F EJTTF p7 GBBPq "HPSB WPD
EJ[ B NFTNB DPJTB *OM 0SB WPD BQFOBT VN TVKFJUP QPCSF
7PDOPUFNVNBDPOHSFHBP RVBTFRVFOP&FTUFTTVKFJUPT
UN NJMIFT " OBP JOUFJSB FTU B GBWPS EFMFT "HPSB WPD
EJHB B NFTNB DPJTB RVF FMFT EJTTFSBN WFKB P RVF WPD GBS
WPD@WPDDPNFSBSJRVF[BEBUFSSBs&MFFTUGBMBOEPDPNP
IPNFNFSSBEPM
hg & TF UJWFTTF TJEP EJUP r7PD QPEF FODPOUSBS BMHVNB GBMIB
FN;FEFRVJBT .JDBBT sr/Psr7PDBMHVNBWF[PBQBOIPV
FN QFDBEP s r/Ps r7PD K P PVWJV BNBMEJPBS BMHVN s
r/Ps r7PD K P QFHPV CCBEP s r/Ps r7PD QPEF
RVFTUJPOBS TVB JOTUSVP s r/Ps r7PD DS RVF TFV HSBV EF
EPVUPSBEP GBMTP s r/Ps r7PD DS RVF TFV@TFV 1I% FTU
CFN s
r$MBSP 1FMP DPODMJP EP 4JOESJP FV BDIP RVF UPEP
DPODMJP TVQPOIPRVFFTUFKBCFNs
r#FN FOUP QPSRVFWPDOPTFKVOUBBFMF s
r1PSRVFFMFFTUGPSBEB1BMBWSBs
04 6/(*%04 %04 -5*.04 %*"4

hh #FN OT UFSFNPT B IPSB EF NPTUSBS PT GBUPT TPCSF JTTP
FOUP DPNP&MJBT PQSPGFUB BOUFTEJTTP&TFWPDGPSVNGJMIP
EF %FVT WPD GJDBS DPN P QSPGFUB EFTUB #CMJB B 1BMBWSB
0CTFSWFBIPSB BFTUBP
hi #FN F TF ;FEFRVJBT EJTTFTTF r0I FV TFJ RVF P QSPGFUB
EJTTF JTTP NBT JTTP QBSB VNB HFSBP GVUVSB *TTP QBSB
EBRVJVNMPOHPUFNQPs
&MF EJTTF r&TQFSF BU RVF FV UFOIB VNB WJTP EF %FVT F
FOUPFVMIFTEJSFJs
%JTTF&OUPWPDEJ[BNFTNBDPJTB s
&MF EJTTF r&V EJSFJ BQFOBT P RVF %FVT EJTTFS OBEB NBJT
OFOIVNBPVUSBDPJTB&VOPQPTTPBDSFTDFOUBSVNBQBMBWSBB
*TTP PVUJSBSVNBQBMBWSB%JTTPs
&OUPOBRVFMBOPJUF FNPSBP P4FOIPSWFJPBFMFOVNB
WJTP&MFTBJVOBNBOITFHVJOUF FMFEJTTF?
"MJFTUBWBNEPJTQSPGFUBT
hj 0NBJPSIPNFNEBOBP BPTPMIPTNJMJUBSFOBDJPOBM FSB
;FEFRVJBT&MFFSBPQSPGFUBDIFGF QFMPSFJ&MFFSBPDIFGFEF
UPEPT PT PVUSPT QSPGFUBT QFMB PSHBOJ[BP &MF GPJ GFJUP QFMB
TVB PSHBOJ[BP P DIFGF EF UPEPT FMFT QSPWBWFMNFOUF P EF
NFMIPS MFJUVSB P NBJT JOTUSVEP P NBJT RVBMJGJDBEP QBSB P
TFSWJP & FMF FSB VOHJEP DPN P &TQSJUP 4BOUP QPJT FMF
DIBNBEP VN rQSPGFUBs $FSUBNFOUF OP BQFOBT VN QSPGFUB
DPNVN FMFFSBVNQSPGFUBIFCSFV"HPSBPCTFSWFNOP
ia ;FEFRVJBT EJTTF r0 4FOIPS GBMPV DPNJHP p'BBNF FTUFT
EPJT DIJGSFT EF GFSSP q DPNP VN TNCPMPs 6N QSPGFUB
HFSBMNFOUFDPNVOJDBBUSBWTEFTNCPMPTr&MFEJTTFp'BBNF
FTUFT DIJGSFT EF GFSSPq 0 &TQSJUP 4BOUP EJTTF B NJN p5PNF
FTUFT q B 6OP RVF NF BCFOPPVs /P QFOTF OJTTP DPNP VN
TBDSJGDJP NBTQBSBDIFHBSNPTBVNQPOUPr0&TQSJUP4BOUP
RVF GBMB FN MOHVBT BUSBWT EF NJN "RVFMF RVF UFN NF
WJOEJDBEP &MF EJTTF p1FHVF FTUFT DIJGSFT F DPN JTTP EJHB BP
SFJRVFFMFFNQVSSBSB4SJBQBSBGPSBEPQBT&FVEFWPMWFSFJ
BFMFBUFSSBRVFQPSEJSFJUPQFSUFODFB*TSBFM BJHSFKBqs
*SNP JTTPNVJUPGVOEBNFOUBM UBMDPNP#BMBPFSBBRVJ
FNDJNB#BMBPFTUBWBGBMBOEPUPGVOEBNFOUBMNFOUFRVBOUP
.PJTT .PJTT?0 ONFSP DPSSFUP EF %FVT TFUF & #BMBP
EJTTF r&EJGJDBNF TFUF BMUBSFT TFUF TBDSJGDJPT MJNQPT
CF[FSSPT FTFUFDBSOFJSPTs*TTPFTUGBMBOEPEBWJOEBEP'JMIP
EF %FVT 'VOEBNFOUBMNFOUF FMF FTUBWB TJNQMFTNFOUF UP
DPSSFUPRVBOUPRVBMRVFSVNEFMFT
ib & BRVJ FTU ;FEFRVJBT UP DPSSFUP GVOEBNFOUBMNFOUF
r1PJTFTUBUFSSBQFSUFODFBOT0SB FMFT PTTSJPTFPTGJMJTUFVT
M FODIFOEP TVBT CBSSJHBT EF TFVT GJMIPT F BTTJN QPS EJBOUF
OPTTP JOJNJHP DPN B DPNJEB RVF OPTTPT GJMIPT UN GBMUB
2VBOEP %FVTOPTEFVFTUBUFSSBs

" 1"-"73" '"-"%"
*SNP FTTF VN CPN BSHVNFOUP &V BDIP RVF FMF QPEJB
EFDMBSBSJTTPFNWP[BMUBEJBOUFEF*TSBFM FFMFTQPEJBNCFSSBS
UP BMUP RVBOUP QPEJBN "HPSB FV FTUPV GBMBOEP TPCSF IPKF
BHPSB &V FTQFSP RVF WPDT FTUFKBN NF TFHVJOEP 5PEB B
HSJUBSJB CFSSFJSP
ic 7PDTTFMFNCSBNEF%BWJEPNJOHPQBTTBEP &TUPWFOEP
7PD B OP BMDBODF EP SEJP PV OP BMDBODF EFTUB DPOFYP
UFMFGOJDBTFWPDOPQFHPVB.FOTBHFNEPMUJNPEPNJOHP
OP EFJYF EF DPOTFHVJMB 5FOUBOEP 'B[FS VN 4FSWJP QBSB
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DPJTBT FTQJSJUVBJT TF GPTTF BTTJN FMF UFSJB TBDVEJEP BRVFMB
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PSHBOJ[BP /T QFSUFODFNPT B FMB 5PEPT OT UPEPT WPDT
WPDTQSPUFTUBOUFT EFWFSJBNTFKVOUBSBOTs)I
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" 1"-"73" '"-"%"
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04 6/(*%04 %04 -5*.04 %*"4

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5PEPQSPGFUB WFSEBEFJSPQSPGFUBRVFBMHVNBWF[TFMFWBOUPV
OP NVOEP BNBMEJPPV FTTBT PSHBOJ[BFT EF EFOPNJOBP EB
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" 1"-"73" '"-"%"
%FVT EJTTF r4F HVBSEBSFN .FVT NBOEBNFOUPT FV OP

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EJTTF r"44*. %*; 0 4&/)03 7PDT WP FTUBS M FNCBJYP
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HSBOEF FOUSF P QPWP W RVBOEP FTUBWB GBMBOEP DPOUSSJP
1BMBWSB EF %FVT & FMF EJTTF r&N EPJT BOPT FMFT FTUBSP EF
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bah %JBOUFEFUPEPTPTBODJPTFEBDPOHSFHBP EFUPEP*TSBFM
WFKB FMF RVFSJB NPTUSBS RVF QPEJB TFS KVTUBNFOUF UP HSBOEF
RVBOUP +FSFNJBT r%F RVBMRVFS NPEP WPD TBCF RVF FMFT OP
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QSPGFUB EP RVF WPD QPSRVF WPD FTU QSPGFUJ[BOEP VNB
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KVTUBNFOUF EP NFTNP NPEP DPNP JHSFKB 7PDT FTUP
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EFOPNJOBFT FTUP TF BHBSSBOEP TVB USBEJP EF IPNFN
BP JOWT EB 1BMBWSB EF %FVT WPDT FTUP BNBMEJPBEBT QPS
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%*; 0 4&/)03 &N EPJT BOPT FMFT FTUBSP EF WPMUBs
4JNQMFTNFOUF QBSB BQBSFDFS r&V TPV 'VMBOP EF 5BMs 1PSRVF
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baj +FSFNJBT GPJ VN IPNFN EP EFTFSUP RVF WJWJB TP[JOIP &MF
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F FMFT QSPGFUJ[BSBN DPOUSB DFSUBT DPJTBT .BT MFNCSFTF
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bbc &OUP "OBOJBT TVBKVTUBJOEJHOBPTFEFTQFSUPVr&VTPV
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rPQSPGFUBEP4FOIPS FFVEJHPp%PJT
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" 1"-"73" '"-"%"
RVBOEP P 4FOIPS UJWFS UFSNJOBEP EF NF VTBS BRVJ OB UFSSB
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MIFTGBMBEPOP/PNFEP4FOIPS QFMB1BMBWSBEP4FOIPS4JN
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5JNUFP/PWBNPTEFJYBSFTUF&FVOPRVFSP?
bbi &V PMIP QBSB BRVFMF SFMHJP M FN DJNB F FV@FV RVFSP
PNJUJS VNB CPB QBSUF EJTUP F BDIP RVF OP EFWFNPT GB[MP
BHPSB 7FN /PUFN "QFOBT?4F FTUPV EF Q BRVJ
USBOTQJSBOEP DPNP FTUPV WFKBN NBT FV FTUPV GFMJ[ & FV TFJ
RVFJTUPWFSEBEF4FHVOEP5JNUFP
bbj 1BVMP P IPNFN RVF EJTTF r4F VN "OKP WJFS EP $V F
GBMBS RVBMRVFS PVUSB QBMBWSB B WT BMN EP RVF FV EJTTF
TFKB BOUFNB s BHPSB VN "OKP EFTDFS 4FHVOEP
5FTTBMPOJDFOTFT?0I FVTJOUPNVJUP
bca /PUFN FN 4FHVOEP 5JNUFP 0CTFSWFN 1BVMP GBMBOEP
BHPSB $PNFDFNPT DPN DFSDB?$PNFDFNPT DPN P QSJNFJSP
WFSTDVMP F PVBNPT BHPSB DPN CBTUBOUF BUFOP 7PD RVF
UFNTVB#CMJB MFJBDPNJHP7PDRVFOPUFNTVB#CMJB PVB
DPNBUFOP0?
4BCF QPSN JTUPRVFOPTMUJNPTEJBT?
4VCMJOIFJTTP rMUJNPTEJBTsRVBOEPJTTPWBJBDPOUFDFS
?TPCSFWJSP UFNQPT USBCBMIPTPT & OT FTUBNPT
OFMF
1PSRVF IBWFS IPNFOT BNBOUFT EF TJ NFTNPT

BWBSFOUPT
QSFTVOPTPT
TPCFSCPT
CMBTGFNPT
EFTPCFEJFOUFTBQBJTFNFT JOHSBUPT QSPGBOPT
bcb 0MIFN QBSB FTUF HSVQP RVF OT UFNPT IPKF BQPESFDJEPT
"UNFTNPFNIPNFOTBOBSVB KPWFOT QVYBOEPTFVTDBCFMPT
QBSB CBJYP TPCSF B UFTUB DPNP RVF DPN GSBOKB DPNP VNB
NVMIFS1FSWFSTP4PEPNJUBT
bcc 7PDMFVOFTUFBOP P3FBEFSqT%JHFTUEFTUFNT %JTTFr0
QPWPBNFSJDBOPOBJEBEF sBRVBMFVBDIPRVFFSB rFOUSFWJOUF
FWJOUFFDJODPBOPTEFJEBEF KFTUFNTVBDPOEJPEFNFJB
JEBEFs &MFT FTUP BDBCBEPT &MFT FTUP QPESFT " DJODJB EJ[
JTTP RVFVNIPNFNEFNFJBJEBEF FVNBNVMIFS RVBOEPFMFT
BJOEB FTUP OP DPNFP EB DBTB EPT WJOUF BOPT 0 DPSQP EFMFT
FTUBQPESFDJEPFFOUSFHVFJNVOEDJF
04 6/(*%04 %04 -5*.04 %*"4

bcd 0I "NSJDB RVBOUBTWF[FT%FVTUFSJBQBJSBEPTPCSFWPD

NBT BHPSB TVB IPSB DIFHPV 7PD MJEFSB P NVOEP FN
JNVOEDJF
?CMBTGFNPT EFTPCFEJFOUFTBQBJTFNFT JOHSBUPT
QSPGBOPT
4FNBGFUPTOBUVSBJT ?
/FN NFTNP BNPS WFSEBEFJSP EF VN QBSB DPN P PVUSP
IPNFN QBSB NVMIFS NVMIFS QBSB IPNFN r4FN OFN NFTNP
BGFUPOBUVSBMs*NVOEDJF TFYVBMNFOUF
?JSSFDPODJMJWFJT DBMVOJBEPSFT JODPOUJOFOUFT
DSVJT FTFNBNPSQBSBDPNPTCPOT
&N PVUSBT QBMBWSBT EJ[FN r4FV CBOEP EF TBOUPT
SPMBEPSFTs"MHVNQFSHVOUPVPVUSPEJBTPCSFWJSBRVJJHSFKB
%JTTFSBN r/P W M 4 VN NPOUF EF CBSVMIP F EF
DPNQPSUBNFOUPFTUSBOIPs
7FKBN rTFNBNPSQBSBDPNFTTFTs
5SBJEPSFT PCTUJOBEPT PSHVMIPTPT NBJT BNJHPT EP
EFMFJUFEPRVFBNJHPTEF%FVT
7PDEJ[r*SNP#SBOIBN JTTPPTDPNVOJTUBTs0RVFP
QSYJNPWFSTDVMPEJ[
5FOEPBQBSODJBEFQJFEBEF NBT PRV
OFHBOEPB
FGJDDJBEFMB "1BMBWSB +FTVT$SJTUPPNFTNPPOUFN
IPKF F FUFSOBNFOUF NBOJGFTUBEP B QSPNFTTB QBSB P
EJB
&YBUBNFOUF DPNP "OBOJBT FYBUBNFOUF DPNP ;FEFRVJBT

FYBUBNFOUFDPNP#BMBP DPOUJOVBOEPQBSBUST PVUSBTGBMTPT
QSPGFUBT
5FOEPBQBSODJBEFQJFEBEF VOHJEPT?7FN
5FOEPBQBSODJB VOHJEPT NJOJTUSPTPSEFOBEPT?
5FOEPBQBSODJBEFQJFEBEF NBTOFHBOEPRVF&MF
PNFTNPPOUFN IPKF?/FHBOEP4VB1BMBWSB
$PNP FMFT OFHBSBN B +FTVT OBRVFMF EJB 2VFN FMFT
OFHBSBN RVBOEP OFHBSBN B +FTVT " 1BMBWSB &MFT FSBN
SFMJHJPTPT &MFT FOTJOBWBN EF TVBT #CMJBT NBT OFHBSBN B
1BMBWSBEPEJBBUVBM
0 RVF FMFT TP IPKF " NFTNB DPJTB VOHJEPT QSFHBOEP P
&WBOHFMIP EP QFOUFDPTUFT NBT OFHBOEP B QSPNFTTB EP EJB
BUVBM EB 1BMBWSB TFOEP WJOEJDBEB r+FTVT $SJTUP P NFTNP
POUFN IPKF FFUFSOBNFOUFs7PDTWFNJTUP <"DPOHSFHBP
r"NNs@&E>
1PSRVF FTUF ONFSP TP PT RVF TF JOUSPEV[FN QFMBT
DBTBT F MFWBN?NVMIFSFT OTDJBT DBSSFHBEBT EF
QFDBEP MFWBEBTQPSWSJBTDPODVQJTDODJBT

" 1"-"73" '"-"%"
r/PTTBT GFTUBTEFDPTUVSB FOPTTP UBM F UBMs"MHVN TVSHF

UFOUBOEPJOUFSQSFUBSNBMB1BMBWSB FEJ[FOEPJTUPr&TUUVEP
CFN JSN UFS DBCFMP DVSUP /P E BUFOP RVFMF CPCPDB
&TUWFOEP 0V TFWPD@WPDVTBSJTUPOPJTTP pPRVFTBJ
EPDPSBPEPIPNFNRVFPDPOUBNJOBqs&TUWFOEP &WPDTF
E DPOUB EF RVF WPD FTU VOHJEP DPN VN FTQSJUP NBV
DPODVQJTDFOUF TVKP $VJEBEP QPEF RVF WPD DBOUF OP DPSBM
DPN DBCFMP DVSUP NBT WPD UFN VN FTQSJUP NBV *TTP FTU
DPOUSSJP1BMBWSB*TTPDFSUP*TTPPRVFB#CMJBEJTTF&
WPDEJ[r#FN FVVTPTIPSUT*TTPOPNFDPOEFOBs
r2VBMRVFS RVF TF VNB NVMIFS DPMPDBS VN USBKF RVF
QFSUFODFBPIPNFN BCPNJOBPBPTPMIPTEF%FVTs0%FVT
JNVUWFMEJTTFJTTP
bce 0I UBOUBT DPJTBT DPNP QPEFSBNPT TJNQMFTNFOUF QBTTBS
QPS FMBT OPTTP UFNQP QBTTBSJB .BT WPDT TBCFN P TVGJDJFOUF
QBSBTBCFSFNPRVFFTUDFSUPFFSSBEP&DPNPQPTTPGB[FSDPN
RVFFMFTPGBBN $PNPQPTTPGB[MP %J[FNrDPNRVFNPUJWP
P TFOIPS GJDB DFOTVSBOEP s &V TPV VNB UFTUFNVOIB DPOUSB
WPDT "MHVN EJB OP %JB EP +VMHBNFOUP WPDT OP UFSP VN
DBOUPPOEFTFFTDPOEFS
bcf $PNP.JDBBTQPEFSJBJNQFEJSBRVJMP $PNPQEF.PJTT
HSJUBOEP UFOUBOEP JNQFEJMP F +PTV F FMFT DPSSFOEP OP NFJP
EPQPWP F-FWJQVYPVTVBFTQBEBFBUNFTNPPTNBUPV &MFT
QSPTTFHVJSBNTJNQMFTNFOUFEPNFTNPNPEP
&TUQSFEJUPRVFFMFTWPGB[MP&FMFTWPGB[MP QPJT
P"44*.%*;04&/)03RVFFMFTWPGB[MP7PDBDIBRVF
BTEFOPNJOBFTDIFHBSPBTFEJTTPMWFS BEFOPNJOBPEFMFT
WPMUBSQBSBB1BMBWSB P"44*.%*;04&/)03 FMFTOP
WPMUBSP &MFT FOUSBSP QBSB P BOUJDSJTUP &YBUBNFOUF P
"44*.%*;04&/)03 FMFTFOUSBSPr&OUPEPRVFPTFOIPS
FTU GBMBOEP s &V UFOIP RVF TFS VNB UFTUFNVOIB F WPDT
UBNCN UPEPTPTDSFOUFT0CTFSWFN
?NVMIFSFT OTDJBT DBSSFHBEBT EF?WSJBT
DPODVQJTDODJBT
bcg r#FN UPEP P SFTUP EBT NVMIFSFT GB[s 'BMTPT QSPGFUBT
"HPSBPVBN&VFTUPVGBMBOEPEFGBMTPTQSPGFUBT"HPSBPRVF
GBSPOPTMUJNPTEJBT
?MFWBN?NVMIFSFT OTDJBT?MFWBEBT EF WSJBT
DPODVQJTDODJBT
r#FN FVTFJRVFUPEPPSFTUPEBTNVMIFSFT?s5VEPCFN
QSPTTJHB
bch 0RVFFVEJTTFCFNBOUFTEFTUFHSBOEFBDPOUFDJNFOUPBRVJ
OB $BMJGSOJB r7PDT BRVJ FN -PT "OHFMFT UPEP BOP RVBOEP
FV SFUPSOP FYJTUFN NBJT NVMIFSFT EF DBCFMPT DPSUBEPT F
IPNFOT BGFNJOBEPT EP RVF FYJTUJB BOUFSJPSNFOUF NBJT
QSFHBEPSFT FOUSBOEP FN PSHBOJ[BP 7PDT FTUP TFN
04 6/(*%04 %04 -5*.04 %*"4

EFTDVMQB 4F BT PCSBT QPEFSPTBT RVF GPSBN GFJUBT FN WPD
UJWFTTFNTJEPGFJUBTFN4PEPNBF(PNPSSB FMBTFTUBSJBNEFQ
IPKF0I $BGBSOBVN UVRVFDIBNBTBUJNFTNBQFMPOPNFEPT
BOKPT -PT"OHFMFTs7FNPRVFWBJBDPOUFDFS &MBWBJEJSFUP
QBSBPGVOEPEPNBS2VBOEP &VOPTFJRVBOEPFMBWBJ NBT
WBJ 7PDT KPWFOT TF FV OP WJS JTTP FN NFV EJB WPDT
PCTFSWFN&MBFTUBDBCBEB
2VF BQSFOEFN TFNQSF ?OVODB QPEFN DIFHBS BP
DPOIFDJNFOUPEBWFSEBEF
"HPSB BRVJ FTU B DIPDBOUF BRVJ FTU B QBSUF DIPDBOUF
0VBNJTUP
& DPNP +BOFT F +BNCSFT SFTJTUJSBN B .PJTT BTTJN
UBNCN FTUFT SFTJTUFN WFSEBEF TFOEP IPNFOT
DPSSVQUPTEFFOUFOEJNFOUPFSQSPCPTRVBOUPGRVF
VNBWF[GPJEBEBBPTTBOUPT OBUVSBMNFOUF
r$PODFSOFOUF 's r& FMF DPOWFSUFS B ' EPT QBJT PV
EPTGJMIPT BPTQBJTs
bci r3QSPCPTRVBOUP's)VN7PDTTBCFNPRVFSQSPCP
TJHOJGJDB 4FWPDUFNVNB#CMJB4DPGJFME IVNrIsB#FN
BMJFNDJNB EJ[rBQPTUBTJBs6NBBQPTUBTJB JTTPPRVF
bcj "HPSB BQFOBTVNNJOVUP&VRVFSPQSPDVSBSBMHPBRVJ&V
QFOTPRVFBOPUFJJTUPDPSSFUBNFOUF&VOPUFOIPDFSUF[B NBT
FV RVFSP EJ[MP F QSPDVSMP BOUFT EF FV@FV EJ[MP "HPSB
BQFOBTVNNJOVUP<&TQBPFNCSBODPOBGJUB@&E>r3QSPCPT
RVBOUP7FSEBEF RVBOUP'sr"' sITPNFOUFVNB'
*TTPDFSUPr2VBOUP' SQSPCPTs
"HPSB FV RVFSP MFS -VDBT "QFOBT VN NJOVUP 7PDT
OP?7PDTQPEFNBOPUBSOPQSFDJTBNMFS
& DPOUPVMIFT UBNCN VNB QBSCPMB TPCSF P EFWFS
TFNQSFEFPSBS FOVODB?EFTGBMFDFS
%J[FOEP@EJ[FOEP)BWJBOVNBDJEBEFVNDFSUPKVJ[
RVFOFNB%FVTUFNJBFOPSFTQFJUBWBPIPNFN
)BWJB UBNCN OB NFTNB DJEBEF VNB DFSUB WJWB F
JBUFSDPNFMF EJ[FOEP'B[FNFKVTUJBDPOUSBPNFV
BEWFSTSJP
&@F QPS BMHVN UFNQP OP RVJT NBT EFQPJT EJTTF
DPOTJHP "JOEB RVF OP UFNP B %FVT OFN SFTQFJUP PT
IPNFOT
5PEBWJB DPNP FTUB WJWB NF NPMFTUB IFJ EF GB[FS
MIF KVTUJB QBSB RVF?OP WPMUF F NF JNQPSUVOF
NVJUP
&EJTTFP4FOIPS0VWJPRVFEJ[PJOKVTUPKVJ[
& %FVT OP GBS KVTUJB BPT TFVT?FTDPMIJEPT RVF
DMBNBNBFMFEFEJBFEFOPJUFBFMF BJOEBRVFUBSEJP
QBSBDPNFMFT

" 1"-"73" '"-"%"
%JHPWPT RVF EFQSFTTB MIFT GBS KVTUJB 2VBOEP

QPSNWJFSP'JMIPEPIPNFN QPSWFOUVSBBDIBSGOB
UFSSB
bda "HPSBFTUBBQFSHVOUB"RVJFTUPOEFFVRVFSJBDIFHBS
FN"QPDBMJQTF/TDIFHBSFNPTBJTTPFNBMHVOTNJOVUPT F
B VN PVUSP WFSTDVMP EB &TDSJUVSB &MF EJTTF r/PT EJBT EB
.FOTBHFN EP TUJNP BOKP TF DVNQSJS P TFHSFEP EF %FVTs
"RVJFTUBQFSHVOUB TFWPDTFHVJSOFTTBMJOIBOFTUBIPSB
FTUBS DVNQSJEP r&ODPOUSBSFJ FV B ' s &TUBS .BMBRVJBT
DVNQSJEPOFTUFUFNQP r3FTUBVSBSB'EPTGJMIPT EFWPMUB
'EPTQBJT BPSJHJOBM B1BMBWSBs &TUWFOEP
bdb r3QSPCPT +BOFTF+BNCSFT DPNPFMFTSFTJTUJSBNs"HPSB
UBNCN PVBN 4FHVOEP 5JNUFP r$PNP +BO
?SFTJTUJSBNB.PJTT UBNCNOPTMUJNPTEJBTFTUFTNFTNPT
SQSPCPT WJSJBN s BHPSB WFKBN POEF &MB EJ[ BRVJ rUFOEP
BQBSODJB EF QJFEBEF s VOHJEPT "HPSB WBNPT BQFOBT?7PD
WPMUFF@FMFJBPRVBOEPDIFHBSFNDBTB BGJNEFRVFFVQPTTB
UFSNJOBS JTUP FTUB NBOI TF FV QVEFS r3QSPCPT RVBOUP
B?s /P SQSPCPT OP@OP@OP WJWFS FMFT TP GJOPT IPNFOT
DVMUPT
bdc "HPSB OPUFN RVBOEP .PJTT EFTDFV BP &HJUP DPN VNB
NFOTBHFN EP "44*. %*; 0 4&/)03 F GPJ WJOEJDBEP
DPODMBNPVB*TSBFM PRVBMFSBVNQPWP OPVNBJHSFKB*TSBFM
FSB VN QPWP FMFT OVODB GPSBN VNB JHSFKB 1PJT B QBMBWSB
JHSFKB TJHOJGJDB rPT DIBNBEPT B TBJSs &MFT FSBN P QPWP EF
%FVT&OUPRVBOEPFMFTTFUPSOBSBNVOHJEPTTPCB1BMBWSB F
DIBNBEPT FMFT TF UPSOBSBN B JHSFKB EF %FVT & FOUP
BQPTUBUBSBN QPSRVF FMFT OP DSFSBN OB 1BMBWSB EF %FVT F
EFSBNPVWJEPTBVNGBMTPQSPGFUB&VFTQFSPRVFJTTPQFOFUSF
*TSBFM TFOEP VN QPWP EF %FVT TBJV TPC B NP EF %FVT
VOHJEPDPNB1BMBWSB?DPNP1PEFSEF%FVT WJVPTTJOBJTF
NBSBWJMIBT EF %FVT & FOUP RVBOEP %FVT FTUBWB NPWFOEP
BEJBOUF DPN FMFT VN GBMTP QSPGFUB FOUSPV VOHJEP F FOTJOPV
BMHP DPOUSSJP 1BMBWSB PSJHJOBM EF %FVT RVF FMFT UJOIBN
PVWJEPFUPEPTFMFTQFSFDFSBNOPEFTFSUP FYDFUPUSTQFTTPBT
"HPSBFTQFSFB
bdd r$PNP GPJ OPT EJBT EF /P POEF PJUP BMNBT TF TBMWBSBN
BUSBWT EB HVB BTTJN TFS OB WJOEB EP 'JMIP EP IPNFNs
r$PNPGPJOPTEJBTEF- POEFUSTTBSBNEF4PEPNB BTTJN
TFS OP UFNQP FN RVF P 'JMIP EP IPNFN GPS SFWFMBEPs &V
FTUPVTPNFOUFDJUBOEP&TDSJUVSB B1BMBWSBEP4FOIPS BRVBM
r$VTFUFSSBQBTTBSP?s4FSVNBNJOPSJB
bde /PUFN BRVJ .PJTT GPJ B "SP .PJTT FSB QBSB TFS %FVT
%FVTMIFEJTTFQBSBTFS%FVT EJTTFr5VTFKBT%FVT FEFJYBB
"SP UFV JSNP TFS UFV QSPGFUB 5V DPMPRVFT BT QBMBWSBT FN
TVB CPDB TF OP QPEFT GBMBS CFNs %JTTF r.BT RVFN GF[ P
IPNFNNVEP 2VFNGF[PIPNFNGBMBS s04FOIPSGF[
04 6/(*%04 %04 -5*.04 %*"4

&FMFDBNJOIPVBUMFNCBJYP0RVFFMFGF[ &MFSFBMJ[PV
VNNJMBHSFWFSEBEFJSPFKVTUPPRVBM%FVTMIFEJTTFQBSBGB[FS
%FVTMIFEJTTFr7 FMBODFBUVBWBSBs"QBOIPVB FFMBFSB
VNB TFSQFOUF &MF B BQBOIPV F TF USBOTGPSNPV PVUSB WF[ FN
VNB WBSB %JTTF r7 F GBB JTTP BOUF 'BSB F EJHB p"44*.
%*;04&/)03qs
bdf & RVBOEP 'BSB WJV JTUP OT EJ[FNPT r0SB RVF USVRVF
CBSBUPEFNHJDPs%JTTFr*TTPOPOBEBEFNBJTUFMFQBUJB
NFOUBM PV BMHP BTTJN WPD TBCF /T UFNPT IPNFOT FN OPTTB
PSHBOJ[BP RVF QPEFN GB[FS B NFTNB DPJTB p7FOIB BRVJ
#JTQP 'VMBOP EF 5BM & WPD WPD WFOIB BRVJq /T UFNPT PT
RVF QPEFN GB[FS B NFTNB DPJTBs &TTF FSB 4BUBOT GBMBOEP
BUSBWTEF'BSB
"RVFMFFSB%FVTGBMBOEPBUSBWTEF.PJTT
bdg .BT PCTFSWFN FTUF TVKFJUP RVF TBJV +BOFT F +BNCSFT
DBNJOIBSBN BU .PJTT F QVCMJDBNFOUF EJBOUF EP QPWP F
SFBMJ[BSBN UPEP NJMBHSF RVF .PJTT QPEJB GB[FS r&OHBOBSP
PT &TDPMIJEPT TF QPTTWFM GPSs *TTP DFSUP 3FBMJ[BSBN B
NFTNB DPJTB RVF .PJTT SFBMJ[PV 7PD DPNQSFFOEF "HPSB
MFNCSFNTF "44*.%*;"&4$3*563" RVFJTTPTFSFQFUJS
OPWBNFOUFOPTMUJNPTEJBT
2VBMFSBBEJGFSFOBFOUSF.PJTTF+BNCSFT
.PJTTEJTTFr2VFWFOIBTBOHVFOBHVBs
& FTUFT GBMTPT QSPGFUBT EJTTFSBN r$FSUBNFOUF OT
DPMPDBNPTTBOHVFOBHVB UBNCNs&BDPOUFDFV
bdh &OUP .PJTT EJTTF r2VF WFOIBN QVMHBTs %F POEF FMF
FTUBWBPCUFOEPJTUP %JSFUPEF%FVT7FN
&PRVFFMFGF[ &MFEJTTFr#FN MHJDP OTQPEFNPTUSB[FS
QVMHBT UBNCNs & FMFT P GJ[FSBN 2VBMRVFS NJMBHSF RVF
.PJTTQPEJBGB[FS FMFTQPEJBNGB[FS UBNCN
-FNCSFN NBOUFOIBN JTTP FN NFOUF OT DIFHBSFNPT B
JTTP EBRVJ B QPVDP &MFT QPEFN GB[FS RVBMRVFS DPJTB RVF P
SFTUPEFMFTQPEFGB[FS NBTFMFTOPQPEFNGJDBSDPNB1BMBWSB
/PQPEFNGJDBSDPNB1BMBWSB
bdi "HPSB OPUFN FMFT P GJ[FSBN .BT .PJTT P WFSEBEFJSP
QSPGFUB FOWJBEP EF %FVT DPNJTTJPOBEP QPS %FVT OVODB
DPOUFOEFVDPNFMFT EJTTFr"RVJ WPDTOPQPEFNGB[FSJTTP
7PDT OP QPEFNs &MF BQFOBT PT EFJYPV FN QB[ BQFOBT PT
EFJYPV QSPTTFHVJS &MFT TP QSPGFUBT EF PSHBOJ[BP NBT WP
FNGSFOUF
.PJTTTJNQMFTNFOUFDPOUJOVPV PVWJBB%FVT0RVF%FVT
EJTTFTTF r"HPSB WPD GBB JTUP s .PJTT JB F GB[JB &MF GB[JB
VNBDPJTBOPWB2VBOEPFMFTGB[JBN DBEBVNEFMFTUJOIBVNB
TFOTBP PV BMHP BRVJ WJOIBN FMFT &MFT P GB[JBN UBNCN
FYBUBNFOUFDPNP.PJTTGB[JB

" 1"-"73" '"-"%"
bdj "HPSB OPUFN &TUFT TVKFJUPT BQBSFDJBN?0I WPDT OP

EFJYFN JTUP QBTTBS EFTQFSDFCJEP &TUFT JNQPTUPSFT
QFSTPOJGJDBEPSFT BQBSFDFSBN EFQPJT RVF P WFSEBEFJSP IBWJB
TBEPQSJNFJSP7FN &MFTWNQBSBQFSTPOJGJDBS7FKBN FMFT
UNRVFQFSTPOJGJDBS0EJBCPOPQPEFDSJBSOBEBFMFBQFOBT
VNQFSWFSUFEPSEPPSJHJOBM
&PRVFQFDBEP BKVTUJBQFSWFSUJEB0RVFBEVMUSJP
0 BUP DPSSFUP QFSWFSUJEP 0 RVF VNB NFOUJSB " WFSEBEF
EFUVSQBEB6NBQFSWFSTP
7FKBN"OBOJBT VNBQFSWFSTPEB1BMBWSBPSJHJOBM7FKBN
#BMBP VNBQFSWFSTPEB1BMBWSBPSJHJOBM7FKBN;FEFRVJBT B
QFSWFSTPEB1BMBWSBPSJHJOBM
& B #CMJB EJTTF RVF FTUFT IPNFOT WJSJBN BQT P QFSWFS
?PV QBSB QFSWFSUFS B 1BMBWSB PSJHJOBM WJOEJDBEB F QSPWBEB
TFSB7FSEBEF
bea r'BB B PCSB EF VN FWBOHFMJTUB s OBRVFMB FTRVJOB BDPM
rGBBJOUFJSBQSPWBEFTFVNJOJTUSJP1PJTDIFHBSPUFNQPFN
RVFOPTPGSFSPBT%PVUSJOB NBTTFHVOEPTTVBTQSQSJBT
DPODVQJTDODJBTBNPOUPBSPQBSBTJEPVUPSFT UFOEPDPNJDIP
OPT PVWJEPT F JSP BEJBOUF F GBSP RVBMRVFS DPJTB RVF FMFT
RVJTFSFN F p&TU UVEP CFN OT UFNPT PT NFTNPT TJOBJT F
NBSBWJMIBTq & TFSP EFTWJBEPT EB 7FSEBEF F TFSP USB[JEPT
QBSBGCVMBT EPHNBTs
beb 0I B DPOTDJODJB EP &TQSJUP 4BOUP P UFNPS RVF BUJOHF B
BMNBEFVNIPNFNRVBOEPFMFQSBQBSBQFOTBSPRVPSFBMF
FWJEFOUF FTU CFN EJBOUF EF OT "SSBORVFN BRVFMB QFESB EF
FTRVJOBBRVJGPSBFMFJBNVNQFEBPEFQBQFMRVFGPJDPMPDBEP
B USJOUBFUSTBOPTBUST7FKBNPRVF&MFEJTTFBDPMOB@OB
3VB 4FUF BRVFMB NBOI RVBOEP FTUB QFESB GVOEBNFOUBM GPJ
MBOBEB"HPSBPCTFSWFNJTUP0CTFSWFNBRVJFNCBJYPOPSJP
RVBOEP P "OKP EP 4FOIPS EFTDFV OVNB GPSNB EF $PMVOB EF
'PHP DFOUFOBTEBJHSFKBT PVQFTTPBTEBJHSFKB EFQBPMPOHP
EBNBSHFNPRVF&MFEJTTF WFKBNTFWFJPBBDPOUFDFS7FKBNP
RVFBDPOUFDFV
UP EVSP &V TFJ RVF QBSFDF EVSP JSNPT QPS B .BT
?" #CMJB EJTTF +FTVT EJTTF &MF NFTNP r&OHBOBSJB BU
NFTNP PT &TDPMIJEPT TF GPTTF QPTTWFMs /P UFN KFJUP &MFT
OVODB QPEFSP WFS JTTP 4F GPTTF QPTTWFM BU NFTNP PT
&TDPMIJEPTTFSJBNFOHBOBEPTDPNJTTP
bec /PUFN FTUFT IPNFOT BQBSFDFSBN EFQPJT RVF P WFSEBEFJSP
VOHJEP EF %FVT UJOIB TJEP FOWJBEP QFMP 4FV WFSEBEFJSP
QSPGFUB .PJTT & RVBOEP .PJTT GB[JB RVBMRVFS DPJTB FMFT P
QFSTPOJGJDBWBN
bed "HPSB JSNP JSN FV?&TUB NJOIB QSQSJB JHSFKB &V
UFOIP EJSFJUP EF QSFHBS P RVF FV RVFSP DPOUBOUP RVF TFKB EB
1BMBWSB EF %FVT & FV OP FTUPV DPOEFOBOEP WPDT NBT
FYBNJOFNPTPUFNQPFBIPSBFNRVFFTUBNPTWJWFOEPBHPSB
04 6/(*%04 %04 -5*.04 %*"4

4BVEBFT BP *SNP 3VEEFMM B +VOJPS +BDLTPO F FMFT QPS

BRVJ OPTTBT JHSFKBT JSNT &V NF FTRVFDJ EFMFT I QPVDP &V
BDIPRVFFMFTFTUPOBDPOFYPUFMFGOJDBFTUBNBOI UBNCN
QPSGBMUBEFFTQBPOBJHSFKB
bee "QFOBT QFOTF OJTTP BHPSB TJNQMFTNFOUF QPS VN NJOVUP
&MFT GB[JBN PT NFTNPT NJMBHSFT RVF .PJTT GB[JB .PJTT
USPVYF QVMHBT FMFT QFSTPOJGJDBSBN F USPVYFSBN QVMHBT &TU
WFOEP
%FVT EJTTF r0 EJB FN RVF EFMB DPNFSEFT OFTTF EJB
NPSSFSFJTs
bef 4BUBOT BQBSFDFV F EJTTF r$FSUBNFOUF OP NPSSFSFJT
7PDT TFSP BQFOBT NBJT TCJPT 7PDT UFSP VNB PSHBOJ[BP
NFMIPS VN NFMIPS?s 7PD TBCF r7PD TBCF UVEP TFS
NFMIPS QBSB WPDT UFSP NBJT -V[s 7FKBN BQFOBT VNB
QFSWFSTP5FNRVF?
& MFNCSFN "44*. %*; 0 4&/)03 EF BDPSEP DPN
4FHVOEP5JNUFP RVFr/PTMUJNPTEJBT RVFFTUF+BOFTF
+BNCSFTFTUBSJBNOBUFSSBs"HPSB FVRVFSPRVFWPDTOPUFN
RVFIEPJTEFMFT WFKBN QFSTPOJGJDBEPSFT
beg "HPSBWBNPTWPMUBSB4PEPNB EBRVJBQPVDP BRVFMFTUST
BDIBS BRVFMFT UST "OKPT RVF EFTDFSBN F WFSNPT B
QFSTPOJGJDBP F BTTJN QPS EJBOUF WFKBN WFSNPT RVBM FTU
DFSUPFRVBMFTUFSSBEP7FN 7FN
beh /PUFN FMFT GJ[FSBN PT NFTNPT NJMBHSFT .BT OPUFN FMFT
QFSTPOJGJDBSBN EFQPJT RVF B 1BMBWSB WFSEBEFJSB UJOIB TJEP
VOHJEB QFMP WFSEBEFJSP RVF %FVT UJOIB FOWJBEP TFHVJB
TFDVOEBSJBNFOUF
&V NF QFSHVOUP TF QPEFSBNPT QFOTBS QPS VN NJOVUP
4FHVSBS B NP EBT QFTTPBT I OP NVJUP UFNQP BUST DFSDB
EF WJOUF BOPT BUST F VN TJOBM BQBSFDJB 2VF DPJTB IPVWF
NBJTTJOBJTFNUPEBTBTDPJTBT FDBEBQFTTPB?6NPUFNFN
TVB NP EJSFJUB VN P UFN FN TVB NP FTRVFSEB P PVUSP P
DIFJSB 7FKBN UPEBT BT FTQDJFT EF?& FV NF QFSHVOUP?
%FVTOPNFEFJYBSEJ[FSMIFTEFTUBWF[PRVFFSBSFBMNFOUF
B WFSEBEF NBT VN EJB WPDT WP EFTDPCSJS *TTP GPJ
TJNQMFTNFOUF QBSB NBOJGFTUBS B JOTFOTBUF[ EFMFT *TTP OP
FTUBWB DFSUP OP QSJODQJP &V MIFT EJSFJ VN EJB TF P 4FOIPS
QFSNJUJS
bei /PUFN FMFT GJ[FSBN PT NFTNPT NJMBHSFT NBT FMFT
OP?/PUFN FMFT OP P GJ[FSBN BU RVF B 1BMBWSB PSJHJOBM
UJWFTTFJEPBEJBOUF QSJNFJSP&TTBBNBOFJSBRVF4BUBOTGF[
OP KBSEJN EP EFO &TTB B NBOFJSB RVF FMF UFN GFJUP P
UFNQP UPEP 2VFN QSPGFUJ[PV QSJNFJSP .PJTT 2VFN FOUSPV
FNDFOBQSJNFJSP .PJTTPV#BMBP .PJTT2VFNFOUSPVFN
DFOB QSJNFJSP +FSFNJBT PV "OBOJBT 7FN P RVF RVFSP EJ[FS
<"DPOHSFHBPEJ[r"NNs@&E>

" 1"-"73" '"-"%"
bej /PUFN FMFT DPQJBWBN 1FSTPOJGJDBEPSFT DBSOBJT TJODFSPT

BDIBOEPRVFFTUBWBNrGB[FOEPVNBPCSBQBSB%FVT sDPNPGF[
%BWJ OBTFNBOBQBTTBEB NBTQFSTPOJGJDBPDBSOBM&VFTUPV
BQFOBT FTQFSBOEP VN NJOVUP &V RVFSP RVF WPDT QFOTFN
FOUSF FTUFT MVHBSFT 4F FV OP P EJTTFS DFSUBNFOUF P &TQSJUP
4BOUPPSFWFMBS FTQFDJBMNFOUFBPT&MFJUPT7FN
bfa " EFOPNJOBP EF 'BSB EJ[ r/T UFNPT IPNFOT RVF
QPEFNGB[FSBNFTNBDPJTB sFFMFTPGJ[FSBN&TUPWFOEP 1PS
RVF 'BSB GF[ JTUP 1PS RVF %FVT QFSNJUJV 1PS RVF %FVT
NBOEBSJB VN WFSEBEFJSP QSPGFUB VOHJEP M QBSB SFBMJ[BS
VN TJOBM QFSBOUF 'BSB F FOUP EFJYBS VN DPQJBEPS
EFOPNJOBDJPOBM BQBSFDFS F DPQJMP QFSBOUF P QPWP 1PS RVF
&MF QFSNJUJSJB VN QFSTPOJGJDBEPS TF MFWBOUBS QBSB GB[MP F
GB[FS B NFTNB DPJTB FYBUBNFOUF DPNP P &TQSJUP HFOVOP EF
%FVTUJOIBGFJUP 7FN B&TDSJUVSBEFWFTFSDVNQSJEB
bfb /PUFN &MFGF[JTUPQBSBRVF&MFFOEVSFDFTTFPDPSBPEF
'BSB F EPT FHQDJPT QBSB QSPWBS RVF .PJTT OP FSB P OJDP
RVF UJOIB B 1BMBWSB &MFT QPEJBN GB[FS UVEP JHVBM BP RVF
.PJTTQPEJBGB[FS
& QPS RVF %FVT QFSNJUJV RVF JTUP BDPOUFDFTTF OPT MUJNPT
EJBT "TTJN B NFTNB DPJTB RVF P FTQSJUP EF NFOUJSB EJTTF B
;FEFRVJBT r$PNP WBNPT GB[FS "DBCF JS M QBSB GB[FS RVF
FTUBTDPJTBTBDPOUFBN s$PNP&MFWBJDPOTFHVJSDPNRVFFTUBT
QFTTPBT DPOGJBOEP FN TVBT JHSFKBT WFOIBN BRVJ F QFSNJUBN
JTUP BDPOUFDFS RVF &MF QSFEJTTF &MFT OFTUB &SB EB *HSFKB EF
-BPEJDJB r1PSRVF UV EJ[FT RVF TPV pSJDB F OP UFOIP
OFDFTTJEBEF EF OBEB &V NF BTTFOUP DPNP VNB SBJOIBq /P
UFOTOBEB/PTBCFTUVRVFTNJTFSWFM EFTHSBBEB DFHB &
FVBDPOTFMIPBWJSDPNQSBSEF.JN s&MFEJTTF rB[FJUFFPVSPs
1PSRVF&MFGF[JTUP
bfc 1PSRVF&MFQFSNJUJVFTTBQFSTPOJGJDBPTFMFWBOUBSOFTUFT
MUJNPT EJBT RVBOEP FTUBT DPJTBT WJSP B BDPOUFDFS QFMB
WFSEBEFJSB1BMBWSBEF%FVTFEFJYBQFSTPOJGJDBEPSFTTVSHJSFN
F GB[FSFN B NFTNB DPJTB F OFHBSFN B WFSEBEFJSB 1BMBWSB EF
%FVT &MF P GF[ QPS .PJTT & 'BSB P GF[ DPOUSB .PJTT F
BRVFMFT +BOFTF+BNCSFT GJ[FSBNOPDPOUSB.PJTT&B#CMJB
EJTTFRVFJTUPTFSFQFUJSOPWBNFOUFOPTMUJNPTEJBT"RVJOT
FTUBNPT "HPSB TF JTTP OP GPS B &TDSJUVSB DVNQSJEB POEF
FTU
bfd .PJTT GF[ FTQBMIBGBUPT DPN FMFT F EJTTF r"RVJ "RVJ
7PDT OP QPEFN GB[FS JTTP &V TPV P OJDP RVF GPJ PSEFOBEP
QBSB GB[FS JTTP "RVJ 7PDT QBSFN DPN JTTP BHPSB NFTNPs
&MFTJNQMFTNFOUFEFJYPVRVFTFGPTTFN
%FJYFRVFQSPTTJHBN3FDPSEFN B#CMJBEJTTFr$PNPGPJ
NBOJTGFTUB B JOTFOTBUF[ EBRVFMFT BTTJN B EFTUFT OPT MUJNPT
EJBT TFS NBOJGFTUB s RVBOEP B /PJWB SBQUBEB F MFWBEB BP
DV/PUFN
04 6/(*%04 %04 -5*.04 %*"4

bfe .PJTT BWFSEBEFJSB1BMBWSBNBOJGFTUB OVODBEJTTFOBEB

BQFOBT EFJYPV QBTTBS .BT &MF GF[ JTTP B GJN EF RVF &MF
QVEFTTFFOEVSFDFSPDPSBPEF'BSB FOHBOBS'BSB
&MFGF[BRVFMBNFTNTTJNBDPJTBBGJNEFRVF&MFQVEFTTF
FOHBOBS "DBCF & BRVFMF QFRVFOP SBQB[ EF Q M TP[JOIP
QFRVFOP .JDBBT EJ[FOEPMIFT r"44*. %*; 0 4&/)03s
"RVJ FTUBWB VN PVUSP VOHJEP r"44*. %*; 0 4&/)03s
&DPOUSSJP VNBPPVUSP
bff /TOPTGJSNBNPTIPKFDPNP"44*.%*;04&/)03 RVF
P CBUJTNP DPN HVB OPT MUJNPT EJBT QBSB TFS OP /PNF EF
+FTVT$SJTUP&VNPVUSPIPNFNTFMFWBOUBFSFBMJ[BNJMBHSFT
F VNUSJOJUSJP
.PTUSFNF B QBMBWSB USJOEBEF OB #CMJB .PTUSFNF POEF
IUST%FVTFT.PTUSFNFPOEFIDPJTBTUBJTDPNPFTTBT/P
FTU OB 1BMBWSB EF %FVT /P I UBM DPJTB DPNP BMHVN RVF
IBKB TJEP VNB WF[ CBUJ[BEP OP OPNF EP r1BJ 'JMIP &TQSJUP
4BOUP s VTBOEP FTTFT UUVMPT 5PEBT FTUBT DPJTBT r0I UVEP
CFN JSNT5VEPCFN BQFOBTUFOIBMPOHP?TFVDBCFMPDVSUP
5VEP CFN WPDT OP UN RVF GB[FS JTUP BRVJMP PV BRVJMP
PVUSP0I BRVJMPBCTVSEP BMHVNWFMIPBUSBTBEPs
.BTB#CMJBEJTTF&&MFQSPNFUFVr/PTMUJNPTEJBT &MF
FOWJBSJBP&TQSJUPEF&MJBT FDIBNBSJBBTQFTTPBT PTGJMIPTEF
%FVT EFWPMUB'PSJHJOBMDPNPGPJOPQSJODQJP EB1BMBWSBs
&TTB 1BMBWSB GPJ DPOGJSNBEB P 'JMIP EP IPNFN OPT MUJNPT
EJBT UBMDPNPGPJFN4PEPNBPOUFN IPKF FFUFSOBNFOUF&MF
QSPNFUFV GB[MP B QSPNFTTB EF %FVT P "44*. %*; 0
4&/)03
bfg /PUFN FMFT GB[JBN B NFTNB DPJTB UBM DPNP .PJTT GB[JB
BURVF%FVTTFGBSUPVEJTTP
"HPSBMFNCSFNTF P"44*.%*;04&/)03 JTUPWJSB
BDPOUFDFSOFTUFEJB"HPSB CVTRVFNQFMPNVOEPUPNFNUPEB
TFJUB UPNFNUPEPDM UPNFNUPEPIPNFN UPNFNUPEBJHSFKB
&V PT FYPSUP OP /PNF EF $SJTUP B GB[FSFN JTUP WPDT
QSFHBEPSFT &V PT FYPSUP B MFSFN PT KPSOBJT PV MFWBSFN FN
DPOTJEFSBP RVBMRVFS MVHBS BPOEF WPDT RVFJSBN JS F WFSFN
TF JTTP OP FTU OB UFSSB OFTUF FYBUP NPNFOUP &TUP WFOEP
&TUPWFOEP
&OUP .BUFVT FTU FYBUBNFOUF DPSSFUP r'BMTPT
VOHJEPTTFMFWBOUBSPOPTMUJNPTEJBTFTFSPGBMTPTQSPGFUBT F
FOHBOBSPBNVJUPTs0CTFSWFNJTUPOPTUJQPTBHPSB FORVBOUP
TFEFTFOSPMBBHPSB WFKBN r&OHBOBSJBNBNVJUPTsr1SPGFUBT s
QMVSBM r$SJTUPT s VOHJEPT QMVSBM NVJUPT EJGFSFOUFT PT
NFUPEJTUBT WPD TBCF F PT CBUJTUBT F PT QFOUFDPTUBJT F BTTJN
QPSEJBOUF&TUPWFOEP
.BTIVN$SJTUPHFOVOP &TQSJUP FFTTFB1BMBWSBGFJUB
DBSOFDPNP&MFQSPNFUFVGB[MP

" 1"-"73" '"-"%"
"HPSBJSFNPTBEJBOUFVNQPVDPNBJT BBMHVNBT&TDSJUVSBT
NBJT
bfh "U RVF %FVT 4F GBSUPV EBRVJMP FOUP BRVJMP UFSNJOPV
"MPVDVSBEFMFTUPSOPVTFNBOJGFTUB
bfi /PUFN -FNCSFNTF B DBTDB TF QBSFDF FYBUBNFOUF DPN P
HSPEFUSJHP7FN "HPSB OPTFQPEFSJBEJ[FS EFWPMUBMOB
FSBMVUFSBOB rPUBMPFSBPUSJHP sUPEBWJBFMFUFNB7JEBEFOUSP
EFMF 0 UBMP FTU CFN B 7JEB OP UBMP FTUBWB CFN NBT
MFNCSFNTF B 7JEB BWBOPV BEJBOUF BWBOPV EF &MJBT B
&MJTFV " 7JEB DPOUJOVB BWBOBOEP .BT MFNCSFNTF FN
PVUSP FTUHJP &MB OP QPEF QFSNBOFDFS OBRVFMF FTUHJP /T
OP QPEFNPT DPNFS P DBEWFS QVUSFGBUP EF BMHVNB PVUSB FSB
/T OP QPEFNPT DPNFS DBEWFS QVUSFGBUP QFOUFDPTUBM
NFUPEJTUB PV CBUJTUB 7FN UFN TF UPSOBEP VN DBEWFS
QVUSFGBUP /T UFNPT "MJNFOUP GSFTDP B 1BMBWSB EFTUB IPSB
BTTJNQPSEJBOUF
bfj -FNCSFNTF B DBTDB FYBUBNFOUF DPNP P HSP EF USJHP
/PTFQPEF?&MBOPTFQBSFDJBDPNFMFOBGPMIB FMBOPTF
QBSFDJBDPNFMFOBFTQJHB NBTDFSUBNFOUFTFQBSFDJBOBDBTDB
/P TF QBSFDJB OP?+FTVT $SJTUP P NFTNP POUFN FN -VUFSP
OP TF QBSFDJB DPN FMF FN 8FTMFZ NBT DFSUBNFOUF TF QBSFDF
FNQFOUFDPTUFTrFOHBOBSJBNBUNFTNPPT&TDPMIJEPTTFGPTTF
QPTTWFMs7FN "FTUPTVBTFSBT
bga 1PSN MFNCSFNTF FTTB JHSFKB QFOUFDPTUBM OPT MUJNPT
EJBT FSBB-BPEJDJBF$SJTUPGPJFYQVMTP P(SP P5SJHP &MF
QSQSJP2VBOEP&MFUFOUPV?-FNCSFNTF RVBOEP&MFUFOUPV
NBOJGFTUBS B 4J NFTNP OB JHSFKB &MF GPJ FYQVMTP "JOEB FSB
VNBJHSFKB BMFHBWBTFSVOHJEB
.BTBRVJFTUB1BMBWSB P1SQSJP$SJTUP RVFB1BMBWSB
VOHJEB RVF WJS QBSB P SFTUP EF 4FV $PSQP B /PJWB 0T
VOHJEPT EBNFTNBHVBRVFBHVPVPUSJHP DPNPOTGBMBNPTB
SFTQFJUP UBNCNHVBPKPJP VOHJEPT4PNFOUFPT&MFJUPT PV
QSFEFTUJOBEPT TFSPDBQB[FTEFEFUFDUBSBEJGFSFOBFOUSFFMFT
"HPSB &GTJPTMIFEJ[BTTJN FBSFTQFJUPEFDPNPFSB
bgb &MFT TP VOHJEPT 5PEP NVOEP EJ[ r(MSJB B %FVT /T
UFNPT MJCFSEBEF BRVJ FNCBJYP "MFMVJB /T?0I
BMFMVJB 'BMBNPT FN MOHVBT F QVMBNPT 5FNPT MJCFSEBEF
EBT NVMIFSFT WPDT UFOUBN DPMPDMBT TPC UPEPT FTUFT UJQPT
EF DPJTBTs 7FN 1SPTTJHBN /P I OBEB RVF TF QPTTB
GB[FS %J[FN r#FN OT GBMBNPT FN MOHVBT /T HSJUBNPT
/T EBOBNPT OP &TQSJUP /T QSFHBNPT B 1BMBWSBs
"CTPMVUBNFOUF /BEB B EJ[FS DPOUSB JTTP "TTJN GJ[FSBN FTUFT
IPNFOTBRVJEFWPMUBOB#CMJB
+FTVT EJTTF r&OHBOBSJB BU NFTNP PT &TDPMIJEPT TF GPTTF
QPTTWFM BUNFTNPPT&TDPMIJEPTs
04 6/(*%04 %04 -5*.04 %*"4

bgc "HPSB OPUFN B DBTDB %P (SP PSJHJOBM P (SP RVF

QFOFUSPV OP TPMP &MF OP FSB OFOIVNB PSHBOJ[BP &MF FSB
VN(SP FN4JNFTNP.BTRVBOEPCSPUPV OPFSBVN(SP
FSBVNBPSHBOJ[BP WFN GPMIBT USJHP
&OUP &MF FOUSPV FN PVUSP FTUHJP P RVBM FSB VNB CPSMB
"JOEBOPFSBDPNPPQSJODQJP&SBVNBPSHBOJ[BP
&OUSPVOBDBTDB NVJUBTGPMIBT 1FOUFDPTUFT RVBTFGPSNBEP
BHPSB 0MIFN QBSB FMF &TU UPNBOEP GPSNB P UFNQP UPEP
RVBTF FYBUBNFOUF DPNP P NFTNP TF QBSFDF FYBUBNFOUF DPN
VN(SPEFUSJHPRVBOEPWPDWFTTBDBTRVJOIBM
.BT GJOBMNFOUF &MF FTU NBOJGFTUP F OFOIVNB
PSHBOJ[BP /P I NBJT OFOIVN DPOEVUPS 0SHBOJ[BP
BQFOBTVNDPOEVUPS$IFHBEFDPOEVUPSFTPUBMPEFWFNPSSFS
B DBTDB EFWF NPSSFS UVEP NBJT EFWF NPSSFS NBT P USJHP
DPOUJOVB B WJWFS &TTF P DPSQP EB SFTTVSSFJP EFTDF F PT
DPMIF r0T MUJNPT TFSP PT QSJNFJSPT F PT QSJNFJSPT TFSP PT
MUJNPTs 7FKBN DPMIFPT EJSFUP OB SFTTVSSFJP 7PDT FTUP
TFHVJOEP JTUP <" DPOHSFHBP r"NNs@&E> 5VEP CFN
/PUFN PHSP?
bgd " DBTDB TF QBSFDF FYBUBNFOUF DPN P HSP & VN IPNFN
DVMUJWBOEP VNB QMBOUBP EF USJHP PV BMHVNB PVUSB DPJTB
PMIBSJBFEJSJBr-PVWBEPTFKB%FVT FVUFOIPVNBDPMIFJUBEF
USJHP s RVBOEP FMF OP UFN VNB QBSUDVMB EF USJHP 1BSFDF
FYBUBNFOUFDPNPUSJHP NBTBDBTDB
bge "HPSB BNJHPT WPMUFN DPNJHP 0OEF UFN TVSHJEP P
QSJNFJSP SFBWJWBNFOUP BQT B NPSUF
PT EJBT RVBOEP P HSP
EFUSJHPUFWFRVFQFOFUSBSOPTPMP P$PSQP B/PJWBEF$SJTUP
$SJTUPPSHBOJ[PV4VB/PJWB JTUPDFSUP 4VB*HSFKB &MFOVODB
"PSHBOJ[PV&MFTJNQMFTNFOUFDPMPDPVBQTUPMPT FQSPGFUBT F
BTTJN QPS EJBOUF OB *HSFKB QBSB NBOU-B MJNQB .BT FN
/JDJB 3PNB USF[FOUPT F TFJT BOPT NBJT UBSEF FMFT B
PSHBOJ[BSBNFGJ[FSBNEFMBVNBPSHBOJ[BP&TUDFSUP &FMB
NPSSFV 5VEP RVF OP DPODPSEBTTF DPN BRVFMB JHSFKB FSB
DPMPDBEP NPSUF & FMB QFSNBOFDFV RVJFUB OB UFSSB QPS
DFOUFOBTEFBOPT
.BT EFQPJT EF VN UFNQP FMB CSPUB FN -VUFSP "T
QSJNFJSBTSBNJOIBTEFUSJHPTVSHJSBN&NTFHVOEPMVHBS FMBTF
EFTFOWPMWFVBQBSUJSEB&MFTQSPTTFHVJSBN UJWFSBN;VOHMJPF
BTTJNQPSEJBOUF FBTPVUSBTPSHBOJ[BFTFBTTJNQPSEJBOUF
&OUP EFQPJTEFVNUFNQP TVSHFNPTBOHMJDBOPT
&FOUPPRVFBDPOUFDFV "RVJTVSHF8FTMFZDPNVNOPWP
SFBWJWBNFOUP B CPSMB RVF TF QBSFDF VN QPVDP NBJT DPN P
5SJHP&OUPPRVFBDPOUFDFVDPNJTTP 0SHBOJ[PVTF FTFDPVF
NPSSFV
" 7JEB FOUSPV EJSFUBNFOUF OVNB DBTDB F B DBTDB TVSHF
RVBTF RVF QFSGFJUBNFOUF DPNP P 5SJHP .BT GJOBMNFOUF TVB

" 1"-"73" '"-"%"
MPVDVSB UPSOPVTF NBOJGFTUB OPT MUJNPT PJUP PV EF[ BOPT

FTQFDJBMNFOUF OPT MUJNPT UST BOPT "HPSB P RVF FMB GB[
4FQBSBTFEP5SJHP
bgf "HPSB QPS RVF OP UFWF JODJP VNB PSHBOJ[BP OFTUFT
MUJNPT WJOUF BOPT EFTUF HSBOEF SFBWJWBNFOUP TP QSPGFUBT
VOHJEPT NFTUSFT VOHJEPT BTTJN QPS EJBOUF NBT QPS RVF OP
UFWF /P I OBEB BMN EP (SP <0 *SNP #SBOIBN CBUF OP
QMQJUP RVBUSP WF[FT@&E> 7FN &MF FTU EF WPMUB TFN VNB
PSHBOJ[BP 0I RVF DPJTB VN DFHP QPEFSJB WFS JTTP &MF OP
QPEFTFPSHBOJ[BS&MFFTUUPGJSNFNFOUFDPOUSBJTTP&MFP
HSPEF5SJHP P1SQSJP0'JMIPEPIPNFNTFSNBOJGFTUP0
HSPEF5SJHPWPMUBSB4JNFTNPPVUSBWF[ P'JMIPEPIPNFN
OPTMUJNPTEJBT
r& TVSHJSP GBMTBT QFSTPOJGJDBFT %FMF OPT MUJNPT EJBT
RVF RVBTF FOHBOBSP PT &TDPMIJEPT TF QPTTWFMs 7FKBN TVBT
DBTDBTPSHBOJ[BDJPOBJTTFTFQBSBOEPBHPSB
bgg *TTPTPNFOUFQFSNJUFP5SJHPTFSDPOIFDJEP BPT&TDPMIJEPT
PTRVBJTTPQBSUF%FMF/PUFNRVPCPOJUPJTTPUSB[JEPBRVJ
BHPSB 4PNFOUF P?/PUFN PT VOHJEPT TFSP DBQB[FT PT
WFSEBEFJSPT &MFJUPT QSFEFTUJOBEPT &GTJPT PVNFMIPS
TFSP PSEFOBEPT FMFJUPT &MFT TP PT OJDPT RVF JTTP OP
FOHBOBS
/PUFN PT QSPGFUBT VOHJEPT TFSP GBMTPT F M FOUSF FMFT
FTUBSPWFSEBEFJSPTVOHJEPT$PNPWPDWBJEJGFSFODJMP 1FMB
1BMBWSB$PNP OTPUFNPTFNTPNCSB7PDTWFNJTTP %JHBN
r"NNs<"DPOHSFHBPEJ[r"NNs@&E>&TUPWFOEP
bgh /PUFN PT VOHJEPT TPNFOUF B 1BMBWSB PT TFQBSBS OP PT
TJOBJT0I OP&MFTGBSPPTNFTNPTTJOBJT NBTB1BMBWSBP
RVF PT TFQBSBWB $MBSP &MFT UPEPT QSPGFUJ[BWBN 5PEPT FMFT
GJ[FSBNJTUP BRVJMP FBRVJMPNBJT DMBSP CFNEBNFTNBGPSNB
+FTVT EJTTF RVF FMFT GBSJBN B NFTNB DPJTB .BT B 1BMBWSB P
RVFPTTFQBSBWB OPUFN OPTJOBJT
bgi 7PDT OPUBSBN +FTVT EJTTF BRVJ FN .BUFVT &MF OP
EJTTFr4VSHJSPGBMTPT+FTVTFTOPTMUJNPTEJBTs0I OP FMFT
OVODBTVTUFOUBSJBNJTTP/P7PDQFHBVNQFOUFDPTUBMRVF
VN WFSEBEFJSP QFOUFDPTUBM EJ[FOEP FMF NFTNP RVF FMF
r+FTVTs &TUP WFOEP 7PD QFHB VN GBMTP NFUPEJTUB PV VN
CBUJTUB PVBMHVNEFTTFUJQP PVVNBEBTPSHBOJ[BFT EJ[FN
r/TTPNPT+FTVTs &MFTTBCFNRVFOPJTTP&MFTOPGBSP
JTTP .BT B #CMJB EJTTF RVF TFSJBN rGBMTPT $SJTUPT s OP
+FTVTFT NBT rGBMTPT$SJTUPTs&MFTOPSFDPOIFDFSJBN EJSJBN
r&VTPV+FTVTs0I OP
bgj .BT TP rGBMTPT $SJTUPT s F OP P TBCFN QPSRVF FTUP
DPOUSSJPT1BMBWSB&%FVTWJOEJDBPNFTNP"HPSB FVFTUPV
USB[FOEP JTUP EJSFUP IPSB EF NPTUSBS PT GBUPT BHPSB QPSRVF
WPDT UN WJTUP B NFTNB DPJTB TFS SFBMJ[BEB QPS FTUBT QFTTPBT
RVFUFNGFJUPOBSFBMJEBEF&+FTVTEJTTFRVFTJN
04 6/(*%04 %04 -5*.04 %*"4

bha "HPSB DPNPFVEJTTF BHPSBQBSBWPDTFN OPUFMFGPOFB

FV@FVOPFTUPVMIFTDPOEFOBOEP NBTFTUBNJOIBJHSFKBF@F
NFV HSVQP TPCSF P RVBM P &TQSJUP 4BOUP NF DPMPDPV F FV
UFOIPEFMIFTEJ[FSB7FSEBEF"IPSBFTUGJDBOEPUBSEF
bhb "HPSB FMFT OP UPMFSBSJBN JTTP NBT rGBMTPT $SJTUPT s
GBMTPT VOHJEPT RVBTF DPN UPEP TJOBM F UPEB MFUSB EB 1BMBWSB
r&MFT DSFN FN CBUJTNP EP &TQSJUP 4BOUP s "CTPMVUBNFOUF
r$SFNFNUVEPJTUP s4JNr$SFNFNGBMBSFNMOHVBT s4JN
r$SFN RVF TJOBJT F NBSBWJMIBT TFHVFN RVF TJOBJT PT
TFHVJSP s 4JN &TTFT OP TP PT NFUPEJTUBT FTTFT OP TP PT
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FSB EB JHSFKB NFUPEJTUB OVODB OPUPV B FSB EB JHSFKB CBUJTUB
FMFT OVODB OPUBSBN B FSB EB JHSFKB QSFTCJUFSJBOB FMFT OVODB
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QPTTWFMs
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BTTJNWPDT OP@OPFOUFOEFSPNBM
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" 1"-"73" '"-"%"
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7 )BWJB #BMBP .PJTT?4FNQSF FTTBT UST DMBTTFT EF
QFTTPBT USTDMBTTFTDSFOUF DSFOUFNBOVGBUVSBEP FJODSEVMP
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JHSFKBOPNVOEP BEFOPNJOBP.BTPDSFOUFNBOVGBUVSBEP
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04 6/(*%04 %04 -5*.04 %*"4

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" 1"-"73" '"-"%"
QPEFNGB[FSBNFTNBDPJTB&OUP FVMIFEJHPPRVFGBSFJ FV

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bih &MF TBCJB FOUP FMF OP TF KVOUPV B FMFT 0I OP &MF
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04 6/(*%04 %04 -5*.04 %*"4

bjb r#FN P &TQSJUP 4BOUP DBJV TPCSF NJNs &V OP EVWJEP
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DPOEJP
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" 1"-"73" '"-"%"
bjd r*TTP FYBUBNFOUF DFSUP NBT RVBOEP DIFHPV BP BTTVOUP

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bje 5FOUB 4BUBOTFNUPEBTBTFSBTUFNUFOUBEPQFSTPOJGJDBSB
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SFKFJPTFVGJNTFSRVFJNBEP 'SPOUFJSB
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r1SPWBSBN s FN PVUSBT QBMBWSBT 0 WJSBN 4JNQMFTNFOUF
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7PDTPVCFRVF&MFFSBB7FSEBEFr1SPWBSBNPEPNDFMFTUJBMs
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04 6/(*%04 %04 -5*.04 %*"4

bjg /PUFN EFJYFNNF EBSMIFT VN QFRVFOP FYFNQMP 0MIFN

QBSB BRVFMBT QFTTPBT RVF TBSBN TPC B QSPGFDJB EF .PJTT
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WJSBN BT HSBOEFT PCSBT F NBSBWJMIBT F DPJTBT EFTTF UJQP F
DIFHBSBNBUGSPOUFJSBEFFOUSBEB
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GPJ SFTPMWJEP QBSB WPD & WPD RVF OP FTU BRVJ F OBT@OBT
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FTU HSBNBUJ[BOEP FTUF MJWSP EBT 4FUF &SBT EB *HSFKB & P
QSPCMFNBRVFTVSHJV PVBRVFTUP TPCSFTFVrOPNFUJSBEPEP
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NVJUPTNJOJTUSPT.BTFTQFSFBURVFWPDSFDFCBPMJWSP WPD
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bjh /PUF BHPSB WPD WJSBS TVB DBCFB F OFN TFRVFS PMIBS
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UFSSB OFOIVNB OP UJOIB OFOIVN MBS &MF FTUBWB JOEP B VN
MBS
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F $BMFCF F FMFT GPSBN F USPVYFSBN VN DBDIP EF VWB QBSB
QSPWBS B FMFT RVF B UFSSB FTUBWB M B 1BMBWSB EB QSPNFTTB EF
%FVTrVNBUFSSBCPB MFJUFFNFMs&PUSPVYFSBNEFWPMUB
EFTUF MBEP QBSB QSPWBS B FMFT & FMFT FYQFSJNFOUBSBN F
EJTTFSBN r0I PI NBT OT OP QPEFNPT GB[MPs 0 RVF
BDPOUFDFV &MFT QFSFDFSBN OP EFTFSUP &MFT GJDBSBN CFN BMJ F
TFPSHBOJ[BSBN FNPSSFSBN DBEBVNEFMFT
.BT PT RVF GPSBN BU P PVUSP MBEP F USPVYFSBN EF WPMUB
+PTVF$BMFCF.PJTTGPJUSBTMBEBEP6NUJQPEBFTQFSBQBSBB
*HSFKBFBSFTTVSSFJPEP7FMIP5FTUBNFOUP /PWP5FTUBNFOUP
FP$PSQPSBQUBEP7FNPTUSTM 5FNRVFNBOUFSFTTFTUST
FNMJOIB WFN BTTJN OPDSFOUFFJODSEVMP7FN
bjj /PUFN DPNP GPJ rUPUBMNFOUFs -FNCSFNTF %FVT OVODB
QFSEPPV BRVFMF QFDBEP <0 *SNP #SBOIBN CBUF OP QMQJUP

" 1"-"73" '"-"%"
RVBUSP WF[FT@&E> "HPSB DPNP FMFT WP FOUSBS 4F TP

FTQJOIPT QBSB DPNFBS TP FTQJOIPT OP GJN 4PNFOUF PT
QSFEFTUJOBEPT0WFSP
caa /PUFN BUFOUBNFOUF BHPSB 5BM DPNP OPT EJBT EF 4P
.BSUJO QPVDP BOUFT EBT *EBEFT /FHSBT VN IPNFO[JOIP QJP
2VBOUPT K MFSBN PT FTDSJUPT EF 4P .BSUJO .VJUPT EF WPDT
MFSBN /T GPNPT QFHBS PT FTDSJUPT EF 4P .BSUJO P QBESF
EJTTFr.BTFMFOPGPJDBOPOJ[BEPs$MBSP FMFOPGPJOPQPS
FMFT NBT FMF GPJ QPS %FVT 0 &TQSJUP 4BOUP OPT EJTTF QBSB
DPMPDMPBMJOBRVFMBUFSDFJSBFSBEBJHSFKB7FN
cab 7FKBNRVFIPNFO[JOIPQJPFMFFSBDIBNBEP QSFEFTUJOBEP
4FVT QBJT NQJPT 4FV QBJ VN TPMEBEP &MF UJOIB RVF TFHVJS
TVBMJOIB TFSVNTPMEBEP& RVBOEPTFUPSOPV FTFNQSFDSFV
RVFIBWJBVN%FVTFNBMHVNMVHBSVNIPNFNEPTCPTRVFT F
QPEJB WFS %FVT 6N EJB QBTTPV QPS VNB DJEBEF F IBWJB VN
WFMIPBOEBOUFEFJUBEPBMJ NPSJCVOEP QFEJOEPBBMHVN?&MF
FTUBWB DPN GSJP OBRVFMB OPJUF r0I s EJTTF rENF BMHP QBSB
NFDPCSJSFVNPSSFSFJFTUBOPJUFs
cac /JOHVNRVFSJBGB[MP&.BSUJOGJDPVBGBTUBEPEFMBEPF
P PCTFSWPV QPS BMHVN UFNQP /JOHVN RVFSJB GB[MP &MF
TPNFOUFUJOIBVNDBTBDP&MFNFTNPTFDPOHFMBSJB FMFFTUBWB
EF HVBSEB TF FMF@FMF MIF EFTTF BRVFMF DBTBDP &OUP FMF
QFOTPVr"NCPTUFNPTDIBODFEFWJWFSTFFVEJWJEJSDPNFMFs
&OUPFMFQFHPVTFVQSQSJPDBTBDP FPQBSUJVFNEPJTDPNTVB
FTQBEB FFOSPMPVPWFMIPBOEBOUFOFMF&MFFOSPMPVTFVQSQSJP
DBTBDPFNWPMUB
5PEPT EJTTFSBN r0MIF RVF TFOUJOFMB FOHSBBEP 0MIF RVF
TPMEBEP FOHSBBEP NFUBEF EF VN DBTBDP FOSPMBEP FN WPMUB
EFMFs
cad /BOPJUFTFHVJOUF RVBOEPFMFFTUBWBEFGPMHBFEFJUPVFNTVB
DBNB FMFFTUBWBBDPSEBEP0MIPV EFQMOPRVBSUP FMFTUBWB
+FTVT $SJTUP FOWPMUP OBRVFMF WFMIP QFEBP EF WFTUF RVF FMF
DPMPDPV FN WPMUB EFMF &MF TPVCF FOUP r0 RVF UV GJ[FSFT BPT
.FVTQFRVFOJOPT UVPGJ[FTUFB.JN BP.FVVOHJEP sEFJUBEPM
&MFFSBVNHSBOEFTFSWPEF%FVT"JHSFKB[PNCBWBEFMF P
QFSTFHVJB PFYQVMTBWB FUVEPNBJT NBTFMFFSBVNQSPGFUBEF
%FVT 0 RVF FMF EJ[JB BDPOUFDJB 5BNCN IBWJB NVJUPT RVF
DSJBNOFMFOBRVFMBFSB
cae &V RVFSP NPTUSBSMIFT RVP FOHBOPTP P %JBCP 6N EJB
FMF FTUBWB TFOUBEP FN TVB TBMB EF FTUVEP &JT RVF VN BOKP
QPEFSPTP TPCF DPSPB TPCSF TVB DBCFB DPN TBQBUPT EF PVSP
BSSBOKPTEFPVSPFNWPMUBEFTVBWFTUJNFOUB FEJTTFr.BSUJO
UVNFDPOIFDFT s&MFEJTTFr&VTPVUFV4FOIPSF4BMWBEPS&V
TPV "RVFMF RVF UF TBMWPV "EPSBNF .BSUJOs .BT BRVFMF
QSPGFUB TBCFOEP RVF IBWJB BMHP VN QPVDP FTUSBOIP M FMF
DPOUJOVPV PMIBOEP QBSB FMF &MF EJTTF r.BSUJO FV TPV UFV
4BMWBEPS +FTVT$SJTUP"EPSBNF/PNFDPOIFDFT .BSUJO s
04 6/(*%04 %04 -5*.04 %*"4

caf .BSUJO DPOUJOVPV PMIBOEP QBSB FMF B &TDSJUVSB DPSSFOEP

QFMB TVB NFOUF &MF EJTTF r4BUBOT TBJ QBSB MPOHF EF NJNs
&MFEJTTFr5VUFOTVNBDPSPBTPCSFBUVBDBCFB&B1BMBWSB
EF%FVTEJ[RVFp4FVTTBOUPT0DPSPBSPqOPGJOBMEBFSBs
*TTP OP UFSJB TJEP JTDB QFOUFDPTUBM 0CTFSWF BRVFMB
1BMBWSB JSNPBRVFDPNQFOTB
cag 6N EJB OPWBNFOUF OP NPTUFJSP FMFT UJOIBN VN WFMIP
TBOUP M HSVQP EF KPWFOT NPOHFT )BWJB VN EFMFT VN UBOUP
JSSJUWFM0CTFSWFNJTUP BRVJFTUVNBCPB@VNBCPBQBSCPMB
IPKF &MF RVFSJB TFS BMHP NBJT RVF PT PVUSPT &MF RVFSJB TF
NPTUSBS BVUPSJEBEF BMHP NBJPS BMHP NFMIPS UPEP DIFJP EF
DMBTTF WPD TBCF F BMHP NVJUP JNQPSUBOUF &MF UJOIB RVF TFS
DMTTJDP 4FNQSF RVFSJB RVF PT PVUSPT DPOGSBEFT OP?7PD
TBCF FMF UJOIB RVF TFS EJGFSFOUF 7FN &MF OP JNQPSUBWB P
RVF GPTTF FMF FSB NVJUP BSSPHBOUF &MF FSB P OJDP TFJYP OB
QSBJB/PIBWJBOJOHVNRVFQVEFTTFTFJHVBMBSBFMF"HPSB
PCTFSWFN P RVF BDPOUFDFV &MF UJOIB RVF UFS BMHP HSBOEF &MF
UJOIB RVF DPNQBSBSTF T@T HSBOEFT TPDJFEBEFT 7PDT NF
TFHVFN 7FN &OUP FMF EJTTF FMF QSPGFUJ[BWB &MF EJTTF r0
4FOIPSNFGF[QSPGFUB UBNCN&VTPVVNQSPGFUBs
"HPSB IBWJB VN QSPGFUB JEFOUJGJDBEP OB UFSSB F FTTF FSB
4P.BSUJOFMFOBTDFVQSPGFUB
cah .BT FTUF NPP EJTTF KPWFN EJTTF KPWFN NPOHF DPN DFSDB
EFWJOUFFDJODPBOPT&MFEJTTFr04FOIPSNFGF[VNQSPGFUB F
FV WPV QSPWMP B WPDTs %JTTF r&TUB OPJUF P 4FOIPS WBJ NF
EBS VN HSBOEF GJOP NBOUP DPMPDBS TPCSF NJN VN NBOUP
CSBODP FNFBTTFOUBSFJFOUSFWPDT&OUPUPEPTWPDTWJSPB
NJN WFN FSFDFCFSPPSEFOTEFNJNs
cai "HPSB DPNQBSF JTTP IPKF WFN r&V TFSFJ P DIFGF EB
PSHBOJ[BP&VDVJEBSFJEFWPDT EPSFTUPEFWPDT NPOHFTs
& DPN DFSUF[B r"RVFMB OPJUF VNB MV[ TF BDFOEF OP
FEJGDJP s BTTJN EJ[ P FTDSJUP EF 4P .BSUJO -FJBP &
BVUOUJDP IJTUSJB & BT MV[FT TF BDFOEFSBN F UPEP P SFTUP
PCTFSWBWB F BRVJ WFN?&MF WFTUJB VN NBOUP CSBODP EF Q
FOUSFFMFT&MFEJTTFr7FNPRVFFVMIFTEJTTF s.BTJTTPFTU
DPOUSSJP1BMBWSB
caj &RVBOEPFMFGPJCVTDBSPWFMIPSFJUPSEPDPMHJP FMFBOEPV
EF M QBSB D VN QPVRVJOIP EJTTF r'JMIP JTTP OP QBSFDF
DFSUPs &MF EJTTF r) TPNFOUF VNB NBOFJSBs "RVJ FTU r)
TPNFOUFVNBNBOFJSBEFOTTBCFSNPT1BSFDFVTPCSFOBUVSBMs
3BQB[ PT QFOUFDPTUBJT UFSJBN BHBSSBEP JTTP SBJ[ DIVNCP
MJOIB BO[PM F UVEP NBJT &MF EJTTF r0 NJMBHSF QPEF QBSFDFS
CFN NBTOPTFQBSFDFCFNDPNB1BMBWSB"HPSB OTUFNPT
UBM QFTTPB VN QSPGFUB VOHJEP QFMP OPNF EF .BSUJO 7FOIB
DIFHVFQFSBOUFFMFs
0SBQB[EJTTFr/P OP.BSUJOOPUFNOBEBBWFSDPN
JTUPs

" 1"-"73" '"-"%"
cba &EJTTFr7PDWBJ EFRVBMRVFSKFJUPs&PBHBSSBSBNQFMP

CSBP QBSB MFWMP QFSBOUF .BSUJO F P NBOUP EFTBQBSFDFV
EFMF
cbb 7FNr&OHBOBSJBNPT&TDPMIJEPTTFGPTTFQPTTWFMs7FN
FMFT PT DPOIFDFN +FTVT EJTTF r.JOIBT PWFMIBT DPOIFDFN
.JOIB1BMBWSBs
r0I sWPDEJ[ rpPVWFN.JOIBr7P[sqs
&TTB4VB1BMBWSBr/FNTEFQPWJWFSPIPNFN NBT
EF UPEB 1BMBWSBs 7FN 0 QSFEFTUJOBEP DPOIFDF JTUP r6NB
QBMBWSBFTUSBOIB PVVNBWP[FTUSBOIB FMFTOPTFHVJSPs
"TTJNFSBDPNBRVFMFTIPNFOTMBUSTFMFTOPRVJTFSBN
TFHVJS &MFT TBCJBN RVF .BSUJO FTUBWB M VN QSPGFUB EBRVFMB
FSB JEFOUJGJDBEP QPS %FVT BUSBWT EB 1BMBWSB DPOIFDJBN B
1BMBWSB&BRVFMFIPNFNOPRVFSJBGJDBSQFSBOUF&MB
cbc &MFUBNCNEJTTFr0OEFFTUJWFSP$BEWFS sPVB1BMBWSB
rB OB QPDB TF BKVOUBSP BT HVJBTs "HPSB JTTP .BU
?7PD RVFS BOPUBS JTTP JTTP .BUFVT "QFOBT VN
QPVRVJOIP BOUFT .BUFVT RVBUSP WFSTDVMPT BCBJYP EFMF
WFN TF WPD RVJTFS BOPUMP r0OEF FTUJWFS P $BEWFS s P
.BOFTUJWFS B1BMBWSBFTUJWFS rBTFBKVOUBSPBTHVJBTs
cbd "HPSB FV EFWP NF BQSFTTBS &V PMIFJ BMJ FN DJNB F WJ RVF
IPSBT?4P@TP EP[F F TFUF PV PJUP &V NF BQSFTTBSFJ
CBTUBOUF PVQPEFNPTUFSNJOMPIPKFOPJUF RVBMRVFSVNRVF
WPDTQSFGJSBN&TUBNBOIPVOPJUF )FJO 2VBOUPTUNRVF
JS QBSB DBTB IPKF EFQPJT EP DVMUP EFJYFNOPT WFS TVB NP
WFKBN0I RVFDPJTB NFMIPSDPOUJOVBSNPT
&VTJOUPNVJUPQPSTFHVSBSBTQFTTPBTMOPTUFMFGPOFTEFTTF
KFJUP NBT FV NF BQSFTTBSFJ *TTP WBMF NBJT EP RVF P TFV
EJOIFJSP &V DSFJP RVF WBMF QBSB NJN WFKBN 4FV EJOIFJSP
QFSFDFS*TUPOPB1BMBWSB&TUPWFOEP
cbe r0OEFFTUJWFSP$BEWFS BMJTFBKVOUBSPBTHVJBTs0OEF
FTUJWFS P $BEWFS POEF B@B@B DBB BCBUJEB FTUJWFS B TF
BKVOUBSPBTHVJBT0OEFFTUJWFSB$BSOFGSFTDB B1BMBWSBEB
UFNQPSBEB BBTHVJBTTFBKVOUBSP
.BT EFQPJT RVF FTUJWFS BQPESFDJEP FOUP PT BCVUSFT WJSP
FNCBOEPTBFMF4JN7FNPRVFRVFSPEJ[FS 2VBOEPTFNBUB
B DBB FJT RVF WN BT HVJBT NBT EFQPJT RVF GJDB M F
BQPESFDF FOUPFJTRVFWNPTBCVUSFT"HVJBOPRVFSOBEB
BWFSDPNJTTP7FN
+FTVTEJTTFr0OEFFTUJWFSP$BEWFS sPOEFP.BODBJV B
OPJUFFNRVFP.BODBJGSFTDP rBBTHVJBTTFBKVOUBSPQPS
DBVTB%FMFs&TTFP.BOQBSBPEJB7FN /PUFN
cbf .BT EFQPJT RVF FMF BQPESFDF MBSWBT QFOFUSBN OFMF FOUP
BRVJWFNPTBCVUSFT&MFTOPDPOTFHVFNDIFJSMPBURVFFMF
BQPESFB/PEFTFBENJSBSRVF+FTVT4FDPMPDBTTFMEFQF
04 6/(*%04 %04 -5*.04 %*"4

EJTTFTTFr+FSVTBMN UVRVFBQFESFKBTUFUPEPQSPGFUBs/PUFN
FTTF QSPOPNF QFTTPBM WFKBN r+FSVTBMN +FSVTBMN RVBOUBT
WF[FT RVJT &V?s 2VFN FSB &MF r2VBOUBT WF[FT &V UFSJB UF
BKVOUBEP DPNP VNB HBMJOIB BKVOUB TFVT QJOUBJOIPT UV RVF
BQFESFKBTUF UPEP QSPGFUB RVF &V K UF FOWJFJ s BRVFMB HSBOEF
JHSFKB +FSVTBMN
cbg " +FSVTBMN RVF OP BRVJ OB UFSSB rNBT OT TPNPT EB
+FSVTBMNEF$JNB sEFPOEFB1BMBWSBWFN EBQSFEFTUJOBP
WFKBN /P B WFMIB +FSVTBMN RVF QFSFDF B /PWB +FSVTBMN
RVF OP QPEF QFSFDFS /P B WFMIB +FSVTBMN DPOTUSVEB QPS
IPNFN NBT B /PWB +FSVTBMN DPOTUSVEB QPS %FVT WFKBN B
1BMBWSB M EF DJNB BHPSB UPSOBOEPTF NBOJGFTUB r/B DBTB EF
.FV 1BJ I NVJUBT NPSBEBT &V JSFJ QSFQBSMBT QBSB WT s P
$SJBEPS GB[FOEP BT SVBT EF PVSP F BTTJN QPS EJBOUF &TTB
"RVFMBRVFOPQFSFDF
cbh r+FSVTBMN +FSVTBMN RVBOUBT WF[FT UFSJB &V s EFTEF P
QSJODQJP EP UFNQP OP VNB UFSDFJSB 1FTTPB BMHVNB PVUSB
QFTTPB NBT r&V UFSJB UF BKVOUBEP DPNP VNB HBMJOIB BKVOUB
TFVT QJOUBJOIPT NBT UV OP RVJTFTUF .BT BHPSB UVB IPSB
DIFHPVs7FN
r0OEF FTUJWFS P $BEWFS TF BKVOUBSP BT HVJBTs .BT
EFQPJT RVF P DBEWFS FTUJWFS QPESF FOUP PT BCVUSFT TF
BKVOUBN7FN
cbi /PUFN.PJTT FMFOVODBEFVBPTGJMIPTEF%FVT?.PJTT
FSBVNBHVJB FFMFOVODBEFVBPTGJMIPTEF%FVTBTTPCSBTEF
/P &MF UJOIB B 1BMBWSB GSFTDB EF %FVT r0 4FOIPS %FVT TF
FODPOUSPV DPNJHP OP EFTFSUP F DPOGJSNPV 4VB 1BMBWSB F NF
FOWJPV BRVJ QBSB DIBNMPT QBSB GPSBs &OUP B TVSHFN
QFSTPOJGJDBEPSFT QFSTPOJGJDBOEPP 7FN .BT FMF UJOIB B
1BMBWSBEBIPSB
1PJT %FVT EJTTF B "CSBP BRVFMF RVF UJOIB B QSPNFTTB
r5VBTFNFOUFTFSQFSFHSJOBFNUFSSBBMIFJBQPSRVBUSPDFOUPT
BOPT NBT&VPTWJTJUBSFJFPTUJSBSFJDPNNPQPEFSPTBs
cbj .PJTT EJTTF r"HPSB P 4FOIPS %FVT GBMBS DPNJHP F NF
NPTUSBS FNFEJTTFPRVFGB[FS FFVMIFTEJSFJs%JTTFrp&6
406qNFFOWJPVs
r&6 406s /P r&V FSB PV TFSFJs r&6 406 s UFNQP
QSFTFOUF B1BMBWSBBHPSB/PB1BMBWSBRVFFSB PVB1BMBWSB
RVF WJS B 1BMBWSB RVF BHPSB 7FN 7PDT FOUFOEFN r&6
406sr&6406sB1BMBWSBr/PQSJODQJPFSBP7FSCP FP
7FSCP FTUBWB DPN %FVTs JTUP DFSUP r&6 406s r%FVT NF
FOWJPV DPNP 4FV QSPGFUB QBSB WJOEJDBS RVF JTUP B WFSEBEF
&VTPVBSFTQPTUBFTUB1BMBWSB FOUP RVBOEP&MFEFTDFSBRVJ
FGJ[FSJTUPs
cca &RVBOEPFMFPGF[ 'BSBEJTTFr#FN OTUFNPTCBTUBOUF
IPNFOT FN OPTTP HSVQP RVF QPEFN GB[FS JTTP UBNCN s
QFSTPOJGJDBEPSFT

" 1"-"73" '"-"%"
+FTVT EJTTF r"HPSB JTTP WBJ TF SFQFUJS OPWBNFOUF OPT

MUJNPTEJBT sWFN BMFHBOEPBNFTNBDPJTB0CTFSWFNRVFN
EFTDFQSJNFJSP0CTFSWFNRVFNQFSNBOFDFVDPNB1BMBWSB
JTTPBTTJNRVFTFDPOIFDF BTTJNWPDW
ccb /T OPUBNPT .PJTT OVODB MIFT EFV P RVF FSB QBSB P
UFNQP EF /P r/T DPOTUSVJSFNPT VNB BSDB BHPSB QPSRVF
FTTB B 1BMBWSB WPD TBCF /P DPOTUSVJV VNB BSDB VN EJBs
/P BCVUSFTFTUBWBNDPNFOEPJTTP/P OP/P OP
ccc &TUBVNB1BMBWSBQSPNFUJEB/PUFN QPJTTVBNFOTBHFN
FMF UFWF EF %FVT FMF UFWF B HFOVOB 1BMBWSB EF %FVT
QSFEFTUJOBEB QBSB BRVFMB IPSB <0 *SNP #SBOIBN CBUF OP
QMQJUPEVBTWF[FT@&E>
/FN UP QPVDP +FTVT MIFT TFSWJV BT TPCSBT EF .PJTT
.PJTT UJOIB B 1BMBWSB QBSB BRVFMB IPSB NBT .PJTT FSB VN
QSPGFUB"RVJFTUP1SQSJP%FVT WFN &MFOVODBMIFTTFSWJV
BTTPCSBTEF.PJTT@EF.PJTT
.BTBQFOBTPMIFNQBSBPTBCVUSFTBMJOBRVFMBPSHBOJ[BP
FTUBWBN GBSUBOEPTF DPN BRVJMP r/T TBCFNPT /T UFNPT
.PJTT/TOPOFDFTTJUBNPTEF5Js
ccd &MF EJTTF r4F UJWFTTFN DPOIFDJEP B .PJTT WT
DPOIFDFSFJT B .JN QPSRVF .PJTT GBMPV EF .JNs 0I RVF
DPJTB7FN
r0OEF FTUJWFS P $BEWFS TF BKVOUBSP BT HVJBTs HVJBT
"DBBEB1BMBWSBRVFGPJBCBUJEBIQPVDP B1BMBWSBRVFGPJ
DSJBEB F FOHPSEPV F UPSOPVTF NBOJGFTUB F SFQBSUJEB DPNP
"MJNFOUPBPTGJMIPT
"HPSB P WFMIP DBEWFS RVF GJDPV M EVSBOUF DFOUFOBT EF
BOPT MGJDBS
" NFTNB DPJTB BHPSB -VUFSP UJOIB VNB NFOTBHFN EF
BSSFQFOEJNFOUP NBT WPDT CBOEP EF BCVUSFT MVUFSBOPT "
CBUJTUB UJOIB VNB NFOTBHFN NBT WPDT BCVUSFT CBUJTUBT
7FN " QFOUFDPTUBM UJOIB VNB NFOTBHFN DIFHBOEP QFSUP
BHPSB BCVUSFTQFOUFDPTUBJT
r.BTPOEFFTUJWFSP$BEWFS BTFBKVOUBSPBTHVJBTs
cce -FNCSFNTF OP TF QPEFSJB BMJNFOUBS VN MVUFSBOP M FN
TFVT EJBT BHPSB TF QPEF
DPN DBSOF DBUMJDB FN QVUSFGBP
/P TFOIPS &MF UJOIB DBSOF GSFTDB &TTB FSB BRVFMB FSB EB
JHSFKB
/P TF QPEFSJB BMJNFOUBS VN NFUPEJTUB DPN VNB
NFOTBHFN MVUFSBOB 0I OP FMF OP RVFSJB BRVFMB DBSOF FN
QVUSFGBP&TUBWBQPESF7FN B7JEBTFIBWJBJEPFFOUSBEP
FN VNB PVUSB DPJTB &TTF P WFMIP UBMP RVF FTU NPSUP M
BUST"7JEBTFHVFDBNJOIBOEP
/FN TF QPEF BMJNFOUBS B /PJWB EF +FTVT $SJTUP DPN
QFOUFDPTUBMJTNP 7FSEBEFJSBNFOUF RVF OP 0SHBOJ[BFT
JOGFTUBEBTEFMBSWBTOBEBGFJUP/P OP
04 6/(*%04 %04 -5*.04 %*"4

1PJTBQSPNFTTBr&BOUFTRVFBRVFMFHSBOEFFUFSSWFMEJB
DIFHVF &V WPT FOWJBSFJ P QSPGFUB &MJBT &MF SFTUBVSBS PT
DPSBFTEPTGJMIPTEFWPMUB'EPTQBJTOPWBNFOUFsr5PEBT
FTUBTQSPNFTTBTRVFUJOIBNTJEPGFJUBTOB#CMJB &VGBSFJ FBMJ
BTHVJBTTFBKVOUBSPsr5PEPPRVFP1BJ.FEFVWJSB.JNs
7FN
ccf +FTVT OVODB QSPWPV JTTP .BT RVBOEP +FTVT WFJP &MF
FODPOUSPV NVMUJEFT EF BCVUSFT r/T UFNPT .PJTT F B MFJs
7FN #FN JTTPFSBCPNBMJNFOUPMBUSTRVBOEPGPJNPSUPF
EBEPBFMFT7FN JTTPFTUBWBCFNFOUP
.BT JTUP P RVF GPJ QSFEJUP B .PJTT FMF QSQSJP RVF
NBUBSJBN P TBDSJGDJP EJTTF r0 4FOIPS WPTTP %FVT MFWBOUBS
EFOUSFWT EFWPTTPTQSQSJPTJSNPT VN1SPGFUB"DPOUFDFS
RVFUPEPBRVFMFRVFOPTFBQFHBSBFTTF1SPGFUBFBPRVF&MF
EJ[ TFSFYUJSQBEPEFOUSFTFVQPWPs&BTTJNGPJ
ccg 7FKBN DPNP BQSPYJNBEBNFOUF TFJTDFOUBT EJGFSFOUFT
QSPGFDJBT TF DVNQSJSBN FYBUBNFOUF BMJ EP 7FMIP 5FTUBNFOUP
FN +FTVT $SJTUP r5SBTQBTTBSBN .JOIBT NPT F .FVT QTs
$FSDBEF FVNFFTRVFPRVBOUBTGPSBNDVNQSJEBTOBTMUJNBT
TFUFPVPJUPIPSBTEF4VBWJEB UVEPRVFPTQSPGFUBTEJTTFSBN
QFSGFJUBNFOUF
cch 4F FV QSPGFUJ[BTTF IPKF RVF VNB DFSUB DPJTB BDPOUFDFSJB
EBRVJ B VN BOP UBMWF[ FV UJWFTTF@FV UJWFTTF VNB DIBODF EF
WJOUFQPSDFOUPQBSBRVFBDPOUFDFTTF RVFSTFKBDFSUPPVFSSBEP
&TFFVQSFEJTTFTTFRVFJTTPBDPOUFDFSJB FOPEJTTFTTFRVBOEP
FV UFOIP VNB QPSDFOUBHFN NFOPS 4F FV QSFEJTTFTTF RVBOEP
BDPOUFDFSJB JTTPNFEVNBNBSHFNNFOPS4FFVQSFEJTTFTTF
PMVHBSFNRVFBDPOUFDFSJB JTTPEVNBNBSHFNBJOEBNFOPS
4FFVQSFEJTTFTTFP?TPCSFRVFNTFSJB FOUP FVBJOEBUFOIP
BQSPYJNBEBNFOUF DFN NJMTJNPT EF NBSHFN EF RVF BMHVNB
WF[JTTPBDPOUFB TFOPGPSWFSEBEF
&DBEB1BMBWSB BMFMVJB RVFGPJFTDSJUBEBRVFMF.FTTJBT GPJ
DVNQSJEB BP Q EB MFUSB "U NFTNP VN EJB MFOEP BT
&TDSJUVSBT &MF QBSPV CFN OP NFJP EB TFOUFOB F EJTTF r0
&TQSJUP EF %FVT FTU TPCSF .JN QBSB QSFHBS P &WBOHFMIP F
MJCFSUBSPT?s&QBSPVCFNBOPNFJPEBGSBTF QPSRVFPSFTUP
EFMBFN4VBTFHVOEB7JOEB"NNr$VTFUFSSBQBTTBSP
.JOIBT1BMBWSBTOPs7FN
cci &MF FSB B 1BMBWSB FOUP RVF PT FTUBWB BMJNFOUBOEP FOUP
.PJTT MIFT EJTTF B 7FSEBEF NBT WPD W FMFT TFNQSF GB[FN
VNBEFOPNJOBPEFMB QBSBPTBCVUSFT?
)VNQPVDP%FMBEFTPCSBEFQPJTRVFBTHVJBTDPNFSBN
FGPSBNQBSBDBTB&OUPFMFTFTUPFTQFSBOEPQBSBWFSBMHVNB
PVUSBDPJTBr"1BMBWSB sFMFTEJ[FN rBRVJ&MBFTUTVQPTUBB
WJS/TDPNFNPTDBSJCVPOUFNDPNFSFNPTDBSOFJSPBNBOIs
7FN P RVF RVFSP EJ[FS r) VN WFMIP DBEWFS EF DBSJCV BMJ
JODIBOEP NBT OT UFNPT DBSOFJSP QBSB DPNFS IPKF 0OEF

" 1"-"73" '"-"%"
FTU s 7FN P RVF FV RVFSP EJ[FS "MJNFOUP EF "OKP "T
QFTTPBTDPNJBNNBOVNEJB TFFMBTUFOUBTTFNHVBSEMPQBSB
P EJB TFHVJOUF FMF GJDBWB DPOUBNJOBEP 7PDT OP WFN UPEPT
PTUJQPT RVPQFSGFJUPT "NFTNBDPJTBBHPSB
ccj /PUFN PT BCVUSFT EP EJB EF +FTVT UBNCN FTUBWBN
FYQVMTBOEP EFNOJPT VOHJEPT TPCSF P WFMIP DBEWFS &TU
DFSUP &MFTFTUBWBNFYQVMTBOEPEFNOJPT+FTVTEJTTFBTTJN
&MFNCSFNTF FMFTUJOIBNQSPGFUBTOBRVFMFTEJBT$BJGT P
TVNP TBDFSEPUF QSPGFUJ[PV 2VBOUPT TBCFN EJTTP $BJGT
QSPGFUJ[PV /PUFN B QPTJP EP KPJP OP DBNQP BHVBEP QFMB
NFTNBVOP1PSRVFB#CMJBEJTTFRVFFMFQSPGFUJ[PV r1PSRVF
FMFFSBPTVNPTBDFSEPUFBRVFMFBOPs6NBBWFJNQSFTUWFMRVF
DPNFDBSOFQVUSFGBUB VNKPJPFVNBCSPMIP BTTFOUBEPOPNFJP
EP 5SJHP NBT P &TQSJUP FTUBWB TPCSF FMF P HFOVOP &TQSJUP
4BOUPEF%FVT0&TQSJUP4BOUPEF%FVTFTUBWBTPCSFFMF QBSB
QSFHBS QSPGFUJ[BS F QSFEJ[FS P RVF JB BDPOUFDFS F OFHBS F
DSVDJGJDBSBQSQSJB1BMBWSBWJOEJDBEBEBIPSB
0I NJTFSJDSEJB JSNP 2VBOUP UFNQP NBJT UFNPT RVF
EJ[FS FTUBT DPJTBT WFKB RVBOUP NBJT BUSBWT EB &TDSJUVSB &V
NF BQSFTTBSFJ &V UFOIP DFSDB EF EF[ QHJOBT BRVJ EBT
&TDSJUVSBT QSPWBOEP UPEBT BT DPJTBT r0 TPM TPCSF P KVTUP F P
JOKVTUP EPNFTNPKFJUPs
cda +FTVTEJTTF QBSBQSPWBSJTUPr4F&VFYQVMTPEFNOJPTQFMP
EFEP EF %FVT QPS RVFN WPTTPT GJMIPT PT FYQVMTBN s "HPSB
FMFTFTUBWBNFYQVMTBOEPEFNOJPT&MFTFTUBWBNQSPGFUJ[BOEP
&TUDFSUP .BTOP0SFDPOIFDFSBNDPNPTFOEPB1BMBWSBEB
IPSB QPSRV
QPSRVF&MFOPFTUBWBMJHBEPBFMFT
"HPSB UPNFN .BUFVT r'BMTPT DSJTUPT s VOHJEPT rTF
MFWBOUBSP F IBWFSP GBMTPT QSPGFUBT QSPGFUJ[BOEP s WFN rF
FOHBOBSPBUNFTNPPT&TDPMIJEPTTFGPTTFQPTTWFMs7PDTP
FOUFOEFNBHPSB
cdb /PUFN PT GJMIPT r1PS RVFN PT GJMIPT?4F FV FYQVMTP
EFNOJPT QFMB 1BMBWSB EF %FVT s P RVF &MF FSB B 1BMBWSB EF
%FVT rQPS RVFN TFVT GJMIPT EFOPNJOBDJPOBJT PT FYQVMTBN s
"HPSB F T %FVT QPEF FYQVMTBS VN EFNOJP OT TBCFNPT
EJTTP T%FVT1PJT PIPNFNGPSUFUFNRVFTFSNBJTGPSUFRVF
PRVFFOUSBFNTVBDBTB&MFTUJOIBNQPEFSQBSBGB[MP
7PDTBCF FN"QPDBMJQTFM EJTTFRVFFMF?FTTFBOUJDSJTUP
RVF TF MFWBOUPV OPT MUJNPT EJBT r'F[ TJOBJT F QSPEHJPT RVF
BUNFTNPFOHBOBSBNBRVFMFTRVFIBCJUBWBNOBGBDFEBUFSSB
F FOHBOPV DBEB VN EFMFT DSJTUPT F UPEPT DVKPT OPNFT OP
FTUBWBN FTDSJUPT OP -JWSP EB 7JEB EP $PSEFJSP s SFTQPOEF B
.BUFVT rDVKPTOPNFTOPGPSBNFTDSJUPTOP-JWSPEB7JEB
EP$PSEFJSPEFTEFBGVOEBPEPNVOEPs
&TTB 7JEB RVF FTUBWB OB SBJ[ EBRVFMB@EBRVFMB MBSBOKFJSB
HFOVOB RVF TVCJV BUSBWT EF UPEBT BRVFMBT GSVUBT DUSJDBT F
04 6/(*%04 %04 -5*.04 %*"4

UVEP NBJT F QBTTPV BEJBOUF F DPMPDPV P GSVUP OP UPQP EB

SWPSF BDJNB EF UPEPT PT FOYFSUPT F HBMIPT EFOPNJOBDJPOBJT
7PDTFOUFOEFN &VNFBQSFTTBSFJ0IPNFNGPSUF?
cdc -FNCSFNTF EF %BWJ BHPSB FMF FSB IPOFTUP TJODFSP
UFOUBOEP GB[FS VNB PCSB QBSB %FVT F OP GPJ PSEFOBEP QBSB
GB[MB
r&MFT s PT VOHJEPT QPSN +FTVT EJTTF r&MFT FTUP
FOTJOBOEP DPNP %PVUSJOB B JOUFSQSFUBP EBT &TDSJUVSBT
EP
IPNFN s WFN OP B 1BMBWSB EF %FVT OP 4VB 1BMBWSB
WJOEJDBEBFOTJOBOEPVN$SJTUPIJTUSJDP W BMHPRVFFSB
&B#CMJBEJTTFr&MFsr&6406 sOPr&VFSBPVTFSFJs
r&V TPV FYBUBNFOUF BHPSBs &MF FTTB 1BMBWSB RVF WJWF EP
DPNFPBPGJNEBRVJ
&MF FTUBWB OP QSJODQJP &MF FTUBWB OP?&MF FTUBWB
OBT@OBT GPMIBT &MF FTUBWB OB CPSMB EP USJHP &MF FTUBWB OB
DBTDBQPSNBHPSB&MFFTUOP(SP
cdd "HPSB WPDWPMUBBUSTFUFOUBWJWFSOPWBNFOUF &TFFTTB
7JEB WPMUBTTF QBSB CBJYP WPD BDIB RVF FTTB 7JEB EFJYBEB
BMHVNB WF[ GBMBSJB WPMUBSJB EFQPJT RVF BRVFMB WFMIB DBTDB

FTUJWFTTF TFDB BMHVNB WF[ WPMUBSJB F WJWFSJB OFMB OPWBNFOUF
&MB OP WPMUB r1PJT JNQPTTWFM RVF BRVFMFT RVF VNB WF[
GPSBNJMVNJOBEPT sFOPQSPTTFHVJSBNDPNB1BMBWSBRVBOEP
DIFHPV B BDPOUFDFS rFMFT FTUP NPSUPT TFN FTQFSBOB F PT
FTQJOIPT F BCSPMIPT RVF FTUP QSYJNPT SFKFJP DVKP GJN
TFSFNRVFJNBEPTs&TUDFSUP
"HPSBWPVNFBQSFTTBOEPTJNQMFTNFOUFUPSQJEPRVBOUP
FVQVEFS
cde /PUFN B &TDSJUVSB BHPSB &OTJOBOEP VN %FVT IJTUSJDP
WFKBN UBM DPNP FMFT FTUP UFOUBOEP WJWFS OP QBTTBEP DPNP
r#FN 8FTMFZ EJTTF BTTJN F BTTJN 0V 'VMBOP EF 5BM EJTTF
BTTJNFBTTJNs7PDTFTUPSFDVTBOEPB1BMBWSBQSPNFUJEBEP
EJB P.BORVFDMBSBNFOUFJEFOUJGJDBEPEPEJB&MFTUFOUBN
DPMPDBSTFVTWFMIPTWJOIPTMVUFSBOPT CBUJTUBT QFOUFDPTUBJTFN
OPTTPT PESFT OPWPT /P GVODJPOB & OPTTP 7JOIP OPWP OPT
PESFTWFMIPTEFMFT OPGVODJPOBS4FFMFTUFOUBNDPMPDBSFTUF
7JOIP OB EFOPNJOBP B MPVDVSB EFMFT UPSOBTF NBOJGFTUB
&MFTOPQPEFNGB[FSJTTP*TTPBFYQMPEF
cdf r"HPSB JSNP FVWJB1BMBWSBEF%FVT QFSGFJUBNFOUFQFMB
1BMBWSBs
r"HPSB PMIF BRVJ %PVUPS TF?/T@OT OP QPEFNPT
BDFJUBS *TTPs /FE FV BDIP RVF WPD UFN UJEP VN QPVDP EJTTP
VMUJNBNFOUF r/T OT TJNQMFTNFOUF OP QPEFNPT BDFJUBS
*TTPBRVJBHPSB&V@FVQSFGJSPRVFWPD UBMWF[ TJNQMFTNFOUF
QSPTTJHBs7PDTBCF7FKBN OPGVODJPOBS&YQMPEF
r/P TF DPMPDB VN QFEBP OPWP EF WFTUJEP FN VN WFTUJEP
WFMIP QPSRVF GB[ DPN RVF FMF UPEP TF SBTHVFs 7FN +FTVT

" 1"-"73" '"-"%"
OP EJTTF JTTP /P TF QPEF DPMPDBS 7JOIP OPWP FN PESFT
WFMIPT &MF PT FYQMPEF 0 7JOIP OPWP UFN 7JEB FN TJ 5VEP
CFN
cdg /PUFN BMHP BRVJ CFN SQJEP BHPSB FORVBOUP FTUBNPT
UFSNJOBOEPB?OPTTBQBMFTUSB/PUFN"QPDBMJQTFB TF
RVJTFSFNBOPUBSJTTP&VUBMWF[OPUFSFJUFNQPEFFOUSBSOJTTP
&VRVFSPRVFWPDTOPEFJYFNEFWFSJTUP"HPSBOPUFN FTUF
PTPOJEPFOUSFB4FYUBFB4UJNB5BB
cdh "HPSB OT@OT FODFSSBSFNPT FN VN NJOVUP BQFOBT TF
QVEFSFN BHFOUBS BQFOBT BMHVOT NJOVUPT NBJT &ODFSSBOEP
BHPSB
cdi /PUFN "QPDBMJQTF BP FOUSF B 4FYUB F B 4UJNB
5BB r5ST FTQSJUPT JNVOEPT TFNFMIBOUFT B STs OPUBSBN
JTTP
rTBSBNEBCPDBEFBMHVNs"HPSBOPUFN SBQJEBNFOUF
7PDT FTUP QSPOUPT %JHBN r"NNs <" DPOHSFHBP
r"NNs@&E>6NBUSJOEBEFEFFTQSJUPT
cdj "HPSB JSNP EFOPNJOBDJPOBM TFOUFTF RVJFUP BQFOBT VN
NJOVUP /P TF MFWBOUF F TBJB EP SFDJOUP B OFTTB SEJP
DPOFYFT UFMFGOJDBT /P EFTMJHVF TFV HSBWBEPS 4FOUFTF
RVJFUPBQFOBTVNNJOVUP FPVB7PDOBTDJEPEF%FVT WPD
PGBS
cea 6NBUSJOEBEFEFST6NBSVNBOJNBMRVFTFNQSFPMIB
QBSB UST &MB OVODB PMIB QBSB POEF FMB WBJ FMB PMIB EF POEF
WFJP &TU WFOEP /P W WPD 0OEF OBTDFV P USJOJUBSJTNP
-FNCSFNTF rUST FTQSJUPT JNVOEPT s FTQSJUPT JOEJWJEVBJT
7PDTFTUPFOUFOEFOEP <"DPOHSFHBPEJ[r"NNs@&E>
ceb /PUFN FMFTPMIBNQBSBUSTQBSBP$PODMJPEF/JDJBPOEF
BEPVUSJOBEBUSJOEBEFOBTDFV OPOB#CMJB/PIUBMDPJTB
&MFT PMIBN QBSB UST QBSB P $PODMJP EF /JDJB FN /JDJB
3PNB POEFBUSJOEBEFOBTDFV
/PUFNEFPOEFWJFSBN/PUFN&BUSJOEBEFEFSTTBJVEF
VNBWFMIBUSJOEBEF EFVMV[VNBOPWBUSJOEBEF TVBNF%F
POEF FMB TBJV 6NB USJOEBEF rP ESBHP s WFKBN rB CFTUB s F
rP GBMTP QSPGFUBs 6NB USJOEBEF OPWB 2VBOEP TBSBN FTUBT
ST 2VBOEP TBJV /PUFN FMBT FTUBWBN M P UFNQP UPEP NBT
OP GPJ NBOJGFTUP BU FOUSF B 4FYUB F B 4UJNB 5BB
FYBUBNFOUFBOUFTRVFPT4FMPTTFBCSJTTFNQBSBSFWFMMP
r1PJT OB .FOTBHFN EP TUJNP BOKP PT NJTUSJPT EF %FVT
TFSJBN DPOIFDJEPT s UPEBT FTUBT DPJTBT USJOJUSJBT F GBMTPT
CBUJTNPT FUVEPFSBQBSBTFSNBOJGFTUP2VF%FVTOPTBKVEFB
WFSNPT P RVF 7FSEBEF & OP QFOTBSNPT RVF BMHVN
UFOUBOEPEJ[FSBMHPQBSB?
cec &V TJOUP FTTF FTQSJUP SFTTFOUJOEP *TTP WFKB WPD &V OP
FTUPVGBMBOEPEFNJNNFTNP JSNP&VFTUPVGBMBOEPEP"OKP
EP4FOIPSRVFFTUOPDBNQP*TTPFYBUBNFOUFDFSUP
04 6/(*%04 %04 -5*.04 %*"4

ced /PUFN VNBUSJOEBEFr0ESBHP sRVBOUPTTBCFNPRVFP

ESBHPFSB &SB3PNBr&PESBHPDPMPDPVTFEFQEJBOUFEB
NVMIFS QBSB EFWPSBS TFV GJMIP UP MPHP RVF OBTDFTTFs &TU
DFSUP 0 RVF rCFTUBs TJHOJGJDB OB #CMJB 1PEFS 5VEP CFN
r'BMTPQSPGFUB VNGBMTPQSPGFUB sVNGBMTP VOHJEP7FN
cee $PNFPV POEF &TUF rGBMTP QSPGFUB s TJOHVMBS r'BMTP
QSPGFUB s P QSJNFJSP QBQB F EF M TBFN rB@B QSPTUJUVUB F B
NFEBTNFSFUSJ[FT sBDPJTBJOUFJSB
6NB GBMTB USJOEBEF FTUBWB TVSHJOEP OP OPT QSJNFJSPT
EJBT OP TF UPSOBSJB NBOJGFTUB OPT QSJNFJSPT EJBT FMB
QSPTTFHVJV BU P GJN DPN JTTP .BT RVBOEP PT 4FUF 4FMPT
UJWFSFN DIFHBEP F BCFSUP FTTFT NJTUSJPT F PT SFWFMBEP
RVBOEP rBT ST UST FTQSJUPT JNVOEPT DPNP ST TBFN QBSB
NBOJGFTUBS B TJ NFTNPT s VNB EPVUSJOB EF USJOEBEF DPOUSB B
7FSEBEF7FN )
7FN EF POEF FMB WFN 7FN QBSB POEF FMB WBJ WPMUBS
$PODMJP &DVNOJDP &MFT TP UPEPT JSNPT EF RVBMRVFS
NBOFJSBNFTNPTFTQSJUPT NFTNBDPJTB
&PCTFSWFN5PFOHBOPTP PQFSBOEPNJMBHSFT&FTUFTTP
EJBCPTRVFWPBUPEPTPTEFVTFTEBUFSSB PQFSBOEPNJMBHSFT
QBSBFOHBOMPTOPMUJNPEJB FTFSPCFNTVDFEJEPTFNGB[
MP0RVF%FVTEJTTFTPCSFFTTFFTQSJUPNBV
%JTTFr&VEFTDFSFJ FFOUSBSFJOBCPDBEBRVFMFTQSPGFUBTF
PTGBSFJQSPGFUJ[BSVNBNFOUJSB QBSBGB[FSDPNRVF"DBCFTBJB
EFMFTFKBEFTUSVEPs
cef %FVTEJTTFr75VTFSTCFNTVDFEJEP5VGBSTDPNRVF
FMFT DSFJBN OJTTP &MFT OP FTUP TPCSF FTTB 1BMBWSB QBSB
DPNFBSs7FN r7 QPJTUVPTQFSTVBEJST4FSTUVRVFNP
GBST RVBOEP FOUSBSFT OFMFT GBMTPT QSPGFUBT QPJT FMF FTU
DPOGJBOEP FYBUBNFOUF OFMFT & FMF OP TBCF OBEB TPCSF B
1BMBWSB OFN UFOUBS TBCFS TPCSF &MB &MF OP QPEF GB[MP
QPSRVF FMF VN BCSPMIP QBSB DPNFBSs &TUP WFOEP &TUP
WFOEP r5VTFSTCFNTVDFEJEPs
ceg 7FKBN BRVJ FTUBT GBMTBT ST PMIBOEP QBSB UST r0SB WPD
TBCFPRVFEJTTFSBNMFN/JDJB s
/P NF JNQPSUB P RVF EJTTFSBN M FN /JDJB &V FTUPV
EJ[FOEPPRVFFMFTEJTTFSBNBRVJFNDJNBOP5SPOPEF%FVTP
RVF TFSJB OP P RVF FSB P RVF TFS QPJT &MF P r&6 406s
&TUPWFOEP
r'BMTPTs7FKBNJTTP)/PUFNEFPOEFWN
ceh "HPSB PVBN BUFOUBNFOUF 7FNPT FWJEFOUFNFOUF EFQPJT
RVF PT 4FUF 4FMPT GPSBN BCFSUPT JTTP QBSB SFWFMBS FTTF
NJTUSJP 0 RVF FTTB USJOEBEF 7FN 0OEF GPJ DIBNBEB EF
USJOEBEF 7FN 0OEFOB#CMJBBMHVNBWF[&MBGBMBBQBMBWSB
USJOEBEF 0OEF QPEFSJB IBWFS UST %FVTFT RVF QVETTFNPT
BEPSBSBUST%FVTFTFOPTFSNPTQBHPT

" 1"-"73" '"-"%"
$PNPFMFTQPEFNFTUBSTFQBSBEPT RVBOEP&MFEJTTFr&VF
.FV 1BJ TPNPT 6Ns r4F OP DSFSEFT RVF &V TPV &MF
QFSFDFSFJT FN WPTTPT QFDBEPT WFN WPTTB JODSFEVMJEBEFs
1FDBEPJODSFEVMJEBEFr1FSFDFSFJTFNWPTTBJODSFEVMJEBEFs
0I RVFN EJ[FT UV TFS &V EF POEF EJ[FT RVF
&VWJN
0I DPOIFDFT B .FV 1BJ PV QPEFT EJ[FS 4FV
/PNF
&6 406 B 3PTB EF 4BSPN B 3FTQMBOEFDFOUF
&TUSFMBEB.BOI
1PEFNFEJ[FS2VFN&MF
&6 406 RVFN GBMPV B .PJTT OB TBSB EF
'PHPBSEFOUF
&6406P%FVTEF"CSBP B3FTQMBOEFDFOUF
&TUSFMBEB.BOI
&6 406 B 3PTB EF 4BSPN PI EF POEF EJ[FT
RVF&VWJN
0I DPOIFDFT B .FV 1BJ PV QPEFT EJ[FS 4FV
/PNF "NN
&6406P"MGB PNFHB P1SJODQJPFP'JN

&6 406 B DSJBP JOUFJSB F +FTVT 4FV
/PNF
cei *TTP DFSUP /FOIVNB USJOEBEF /P TFOIPS *TTP VNB
DPJTBGBMTB
0T4FUF4FMPT BCSJOEPFTTFTNJTUSJPTRVFrTFDVNQSJSP s
NPTUSB 4FMP BCFSUP EJTQFTF BQBSFDF UPSOB FWJEFOUF BT
7FSEBEFTPDVMUBTRVFPT4FMPTUJOIBNPDVMUBEPQPSUPEPTFTTFT
BOPT BUSBWTEFUPEBTFTTBTJHSFKBTFEFOPNJOBFT
r" HSBOEF QSPTUJUVUB s EF "QPDBMJQTF TFUF?2VFN FSB
FMB .BT FMB r" .& %"4 13045*56*&4 s UBNCN
7FN
cej r"HPSB PTFOIPSPTDIBNPVEFpBCVUSFT qsWPDEJ[ r*SNP
#SBOIBNs*TTPDFSUP
.BT MFNCSFTF VNBCVUSFVNQTTBSP&MFVOHJEPQBSB
WPBS UBNCN r0T EPJT FTQSJUPT FTUBSP UP QBSFDJEPT RVF
FOHBOBSJBN PT &TDPMIJEPTs 6N BCVUSF UP HSBOEF DPNP
VNB@DPNPVNBHVJB&MFQPEFSJBWPBSDPNPBRVFMBHVJBF
VOHJEPQBSBWPBS PVQSFHBS PVQSPGFUJ[BS OPUFN JHVBMBVNB
HVJB.BTFMFOPQPEFTFHVJSBHVJBFNBMUVSB/P OP4F
FMFUFOUBSTFHVJSBHVJB TVBTMPVDVSBTTFUPSOBSPNBOJGFTUBT
4JN TFOIPS&MFOPQPEFTFHVJSBHVJB
0I FMFQPEFEJ[FSr&VDSFJPFN+FTVT$SJTUPTFSP'JMIPEF
%FVT&VDSFJPFN%FVT1BJ 5PEP1PEFSPTP $SJBEPSEPTDVTF
EB UFSSB +FTVT $SJTUP 4FV 'JMIP F BTTJN QPS EJBOUFs 0I
DFSUBNFOUFRVFFMFTQPEFNGB[FSJTTP.BTFRVBOUPB&MFTFSP
NFTNPPOUFN IPKF FFUFSOBNFOUF 7FN
04 6/(*%04 %04 -5*.04 %*"4

cfa 6NB HVJB VN QTTBSP EF DPOTUJUVJP FTQFDJBM /P I

OBEB JHVBM B FMB OB UFSSB 7FN &MF@FMF?4F VN BCVUSF
UFOUBTTF TFHVJMB PV RVBMRVFS PVUSP QTTBSP FMF TF
EFTJOUFHSBSJB4VBTMPVDVSBTTFUPSOBSJBNNBOJGFTUBT DPNUPEB
DFSUF[B &MF FYQMPEJSJB RVBOEP UFOUBTTF DPMPDBS P 7JOIP OPWP
FN VN PESF WFMIP 7FN FMF FYQMPEJSJB &MF TF EFTJOUFHSBSJB
&MF OP GFJUP FMF OP?4FV DPSQP OP VOJEP DPN B
FTUSVUVSB QBSB NBOUMP M FN DJNB 2VBOEP FMF DIFHBS OBT
HSBOEFT FTGFSBT M FN DJNB TF FMF OP GPJ GFJUP PSEFOBEP
QSFEFTUJOBEP OBTDJEP HVJB FMF TF BSSFCFOUBS FN QFEBPT
7FN "T QFOBT WPBSJBN EF TVBT BTBT F FMF DBJSJB QPS UFSSB
$FSUBNFOUF &MF OP QPEF TFHVJS B HVJB FN BMUVSB 4F FMF
UFOUBS TVB MPVDVSB TF UPSOBS NBOJGFTUB *TTP DFSUP /P TF
QPEF
cfb 1PS RV &MF OP QPEF WFS DPNP B HVJB %F RVF TFSWF
UFOUBS DIFHBS CFN BMUP TF OP TF QPEF WFS POEF FTU RVBOEP
FTUMFNDJNB &TFFMFUFOUBS BUNFTNPUFOUBSQFSTPOJGJDBS
FTUBHVJB FNBMUVSBT FMFTFUPSOBUPDFHPRVFFMFOPTBCFB
RVFQPOUPDIFHPV*TTPDFSUP&MFFTUHSJUBOEPFCFSSBOEP F
DPNQPSUBOEPTF EF GPSNB FTUSBOIB NBT TJNQMFTNFOUF GBMF B
1BMBWSBQBSBFMF PSB BTVBMPVDVSBUPSOBTFDPOIFDJEB
'BMFDPNFMFTPCSFPCBUJTNPOP/PNFEF+FTVT$SJTUP PV
TPCSF&MFTFSPNFTNPPOUFN IPKF FTFNQSF UVEP@UVEPEFTTF
KFJUP FMIFEJHBr0SB PI BHPSBFTQFSFBs7FN 0I TJN B
FTUP TVBT QFOBT DBJOEP 7FN FMF FTU UPEP QVMBOEP F
QSPGFUJ[BOEP F FYQVMTBOEP EFNOJPT GBMBOEP FN MOHVBT F
HSJUBOEP FDPNQPSUBOEPTFFTUSBOIBNFOUF DPSSFOEPQBSBMF
QBSBD.BTOPUFOUFTFHVJS-QBSBDJNBPSB FMFDFSUBNFOUF
TFUPSOBSDPOIFDJEP
5PEBWJB FMF PSEFOBEP &MF VOHJEP &MF QPEF WPBS &MF
QPEF TF FRVJMJCSBS TVCJS BMJ NBT OP?UP MPOHF 7FN FMF
QPEF DPNFS DBSOF FN QVUSFGBP NBT FMF OP QPEF DPNFS B
$BSOFGSFTDBRVFWFNEP5SPOP
&MFFTUDFHP&MFFTUUPEPFYBMUBEP NBTOPTBCFTPCSFP
RV FMF FTU FYBMUBEP 7FN FTTF NFTNP &TQSJUP RVF DBJV
TPCSFFMF DPNPBDIVWB QBSBGB[MPVNUSJHPFMFOPUSJHP
QBSB DPNFBS &MF FYQMPEF r0I FV OP QPTTP FTDPMIFS
BMHVNB?0I OP TFOIPS &V TFJ RVF P %PVUPS +POFT
EJTTF?s5VEPCFN QSPTTJHB7FN 1SPTTJHB TFRVJTFS
cfc /P OPUFN FMF OP OBTDJEP PV DPOTUSVEP PV
QSFEFTUJOBEP QBSB TFS FTTF UJQP EF QTTBSP &MF QPEF?&MF
VN?QPEFSJBTFSVNMJNPDSFTDFOEPFNVNBMBSBOKFJSB NBT
FMF OVODB WFN EBT SB[FT &MF BMHP RVF GPJ BDSFTDFOUBEP &
RVBOEPDIFHBNUPBMUPFNTVBTEFOPNJOBFTRVFOPQPEFN
WFS B QSFEFTUJOBEB 1BMBWSB EF %FVT WJOEJDBEB FOUP TVB
JOTFOTBUF[UPSOBTFDPOIFDJEBr0I FTTFOFHDJP )BMPTPCSFB
DBCFB FUVEP PI *TTPUPMJDFs7FN 5PSOBTFDPOIFDJEP

" 1"-"73" '"-"%"
cfd &MF OP DPOTUJUVEP QBSB WFS MPOHF BTTJN &MF QPEF
TPNFOUF WFS UP MPOHF RVBOUP TFVT DVMPT EFOPNJOBDJPOBJT P
QFSNJUJSFN PMIBS .BT BQT JTTP FMF UP DFHP RVBOUP VN
NPSDFHP FOUP RVBOEP TVB MPVDVSB UPSOBTF NBOJGFTUB
7FN B RVF B HVJB WFSEBEFJSB TFOUBTF QBSB DPNFS 4JN
TFOIPS B RVF BT WFSEBEFJSBT HVJBT FMFJUBT WFN P RVF FMF
2VBOEPFMFOPQPEFBDFJUBSFTTB1BMBWSB FMFTTBCFNFOUP
RVFFMFVNBCVUSFEFOPNJOBDJPOBM
cfe 1PS RVF QPS RVF FMF OP QPEF WPBS 1PSRVF PMIF EF RVF
FMF UFN TF BMJNFOUBEP &MF UFN TF BMJNFOUBEP EF DBSOF FN
QVUSFGBP EB EFOPNJOBP *TTP OP@JTTP OP FTQJSJUVBMJ[BS
TFV DPSQP OP P DPMPDBS FN GPSNB FTQJSJUVBM FN PVUSBT
QBMBWSBT QBSB MFWMP BDJNB EBT EJGFSFOBT EFOPNJOBDJPOBJT
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" 1"-"73" '"-"%"
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" 1"-"73" '"-"%"
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Esta Mensagem foi originalmente pregada em ingls pelo irmo William
Marrion Branham, no dia 25 de julho de 1965, domingo de manh, no
Tabernculo Branham, Jeffersonville, Indiana, E.U.A., cuja transcrio foi
feita de gravao em fita magntica e impressa na ntegra em ingls. Esta
traduo ao portugus foi impressa e distribuda por Gravaes A Voz de
Deus. Reimpressa em 2007.
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WWWBRANHAMORG
Todos os direitos so reservados

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em websites, armazenado em sistemas de recuperao,
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